Day: August 10, 2017

Important Central Acts (Updated as on 25-07-2017)

Hello Friends, Trust all of you doing great in life. Today I, would like to inform you about recent changes occurred in following acts. You may download these acts through our shared links. Keep commenting and sharing. The Indian Christian Marriage Act, 1872 THE INDIAN CONTRACT ACT, 1872 THE CODE OF CRIMINAL PROCEDURE, 1973 THE LIMITATION ACT, 1963 THE REGISTRATION ACT, 1908 THE SPECIFIC RELIEF ACT, 1963 THE NEGOTIABLE INSTRUMENTS ACT, 1881 THE INDIAN EVIDENCE ACT,...

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Companies (Amendment) Bill, 2017

The Lok Sabha has passed the Companies (Amendment) Bill, 2017 (“Bill”) that seeks to make significant changes to the Companies Act, 2013 to remove complexities, improve ease of doing business, strengthen corporate governance standards and prescribes strict action against defaulting companies. The Bill now awaits the consent of Rajya Sabha. The key amendments introduced by the Bill are as follows: Cap on layers of subsidiary companies, which was earlier proposed to be deleted, has been kept in-tact. Cap on investments through 2 layers of investment companies has been kept in-tact. Private placement process has been simplified, thereby enabling easy raising of funds by companies. Provisions prohibiting insider trading has been omitted from the Companies Act as such provisions should be applicable to listed companies only and such listed companies are already regulated by SEBI. Provisions prohibiting forward dealings in securities of a company by director or key managerial personnel has been deleted from the Companies Act. CSR provisions has been amended to a large extent to provide greater clarity. Disclosures in prospectus has been aligned with the regulations made by SEBI for simplicity. Eight year limit has been prescribed for reopening of past accounts. Unlisted companies can hold annual general meetings anywhere in India other than registered office as well, thereby reducing the compliance burden. Incorporation of companies has been made easier by allowing self-declaration instead of affidavits from...

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