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

CA. Chikkerur C R 
on 04 June 2016

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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


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