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What are the flaws in companies act, 2013?

Praful Surendran (B.Com) (32 Points)

26 August 2016

HI,

Please post your views or comments regarding the flaws or mistakes in the Companies Act, 2013. Lets have a discussion.

Thank you.

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P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad) (8229 Points)
Replied 29 August 2016

Errors in Companies Act 2013 not rectified in Companies (Amendment) Bill 2016:

It is surprising that drafting errors in Companies Act 2013 have not been rectified in Companies (Amendment) Act 2015 and now again ignored in Companies (Amendment) Bill 2016 also:

1) Section 2(2): There is no reference to any 'companies or class of companies' in Section 133 as wrongly mentioned here.

2) Section 2(68): In first Proviso, the word ‘clause’ should be read as ‘sub-clause’.

3) Section 4(1)(f): The words 'or his incapacity to contract' should be added after the word 'subscriber' - [See Proviso to Sec.3(1)]....

4) Section 55(2)(d): In the proviso, the word ‘also’ should have been deleted.

5) Section 70(2): The word ‘section’ should have been deleted.

6) Section 134(3)(d): 'sub-section (6)' should be replaced by 'sub-section (7)'.

7) Section 134(5)(e): The word 'and' should be added at the end of the clause.

8) Section 137: In the heading of the Section, the words 'financial statement' should be replaced by 'financial statements'.

9) Section 233(12): The word ‘in’ should be added before ‘clause (b)’.

10) Section 243(1): The word 'set' should be replaced by 'sets'.

11) Section 245(1): 'sub-section (2)' should be replaced by 'sub-section (3)'.

12) Section 343(3): The words 'of being heard' should be added after 'opportunity'.

13) Section 465: In third proviso to sub-section (1), the word 'to' should be added after 'referred'.

14) Schedule-I, The word 'of' should be added after 'A.B.' at following places:

a) Table B, Clause 7th
b) Table D, Clause 6th
c) Table E, Clause 7th

15) Schedule-VI: The heading 'Infrastructure Projects/ Infrastructural Facilities' should be provided.

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