About 29 new sections notified on June 1st 2016 in CA 2013

CA. Chikkerur C R , Last updated: 04 June 2016
Share

Hi All

MCA had notified 29 new sections through exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), By this the Central Government hereby appoints the 01st day of June, 2016 as the date on which the following provisions of the said Act shall come into force.

As you aware. Company Act 2013 is vibrant act and gets its shape and color every month differently compare to Company Act 1956. Old act was like a School book. Once printed, never changes. But CA 2013 is Facebook - gets new comments (notifications) every day, month as per requirement and will of central Govt

Notification of section means those become active & become part of original statute. Out of 29 sections notified, 25 sections are related to Tribunals. Central Govt had formed tribunals already yesterday through Section 408/410 in CA 2013. NCLT benches are 11 in different cities including 1 in Bangalore. Justice SJ Mukhopadhya (SC retired Judge ) is 1st President

So, CLB now a history. Section 466 is notified and because of this CLB is formally announced as DEAD.

Below are section wise notified details in short. Hope it helps to know CA 2013 better

SI	Notified Section	Related Matters in short
1	Sub-section (7) of section 7 [except clause (c) and (d)]	Punishment of Directors for False Representation during Incorporation
2	Second proviso to sub-section (1) of section 14	Alternation of AOA through Spl Resoln for Conversion Pvt to Pub and Vice versa
3	Sub-section (2) of section 14	Alternation as per Sec 14(1) need to be filed with Registrar in 15 Days
4	Sub-section (3) of section 55	Issue of Redeemable Pref Shares when company in not position to pay divident -3/4 approval needed
5	Proviso to Clause (b) of sub-section (1) of section 61	Power now given to limited company to consolidate /divide share capital
6	Sub-sections (4) to (6) of section 62	Power to issue further Capital given Central Govt in a company in public interest ( Debenture)
7	Sub-sections (9) to (11) of section 71	About Debenture Trustees can apply for petition before tribunal
8	Section 75	Damages for fraud for non repayment of deposits
9	Section 97	Power of Tribunal to call AGM by an application by member
10	Section 98	Power of Tribunal to call members meeting by an application by member or suo motto
11	Section 99	Fine for non complying 96 /97/98
12	Sub-section (4) of section 119	Power for Tribunal to order inspection of minutes of general meeting
13	Section 130	Re opening of accounts on court/Tribunal order
14	Section 131	Voluntary revision of FS or BR
15	140(4) and (5)	Removal of Auditor with Spl notice
16	Section 169(4)	Removal of Director with notice
17	Section213	Tribunal may investigate Company affairs on application
18	Section 216(2)	Tribunal may appoint investigator to know ownership/owner
19	Section 218	Protection to employees during investigation. Co need to take approval from Tribunal
20	Section 221	Tribunal can freeze the assets of Co on enquiry/Investigation
21	Section 222	Tribunal impose restrictions upon securities
22	Section 224(5)	Tribunal may order for assets or property of director in case fraud without limitation
23	Sections 241, 242 [except clause (b) of sub-section (1), clause (c) & (g) of sub-section (2)], 243, 244, and 245)	Tribunal may order against oppression to the members
24	Reference of word ‘Tribunal’ in sub-section (2) of section 399	No process for compelling the production of any document kept by the Registrar shall issue from any court or the Tribunal
25	Sections 415 to 433 (both inclusive)	Vacancy of President due to death will automatically filled by senior member, etc
26	Sections 434(1) a and b	Transfer cases from CLB to tribunal
27	Sections 434(2)	Transfer cases from CLB to tribunal
28	Sections 441	Compounding of Offence by Tribunal or RD
29	Sections 466	Formal Death note of CLB forever