Substantial Portion of the Companies Act, 2103 to come into force on 1st April, 2014
MCA Notifies Provisions of 196 Sections & 6 Schedules; Rules yet to be notified
283 Sections, all the 7 Schedules and CSR Rules Notified till date
The Companies Act, 2013, passed by the Parliament, received the assent of the President of India on 29th August, 2013 and was published in the Gazette of India on 30th August, 2013.
Some of the provisions of the Companies Act, 2013 (the Act) have been implemented by a notification published on 12th September, 2013 whereby MCA appointed 12th September, 2013 as the date on which provisions of 98 Sections (includes partly notified Sections) of the Act came into force. The Notification dated 12th September, 2013 is available at the following link:
https://www.mca.gov.in/Ministry/pdf/CommencementNotificationOfCA2013.pdf
MCA, on 27th February, 2014, notified Section 135, Schedule VII and CSR Rules which shall come into force on 1st April, 2014. These three Notifications are available at the following link:
https://www.mca.gov.in/Ministry/pdf/CompaniesActNotification1_2014.pdf
https://www.mca.gov.in/Ministry/pdf/CompaniesActNotification2_2014.pdf
https://www.mca.gov.in/Ministry/pdf/CompaniesActNotification3_2014.pdf
Now, vide Notification dated 26th March, 2014, MCA has appointed 1st April, 2014 as the date on which provisions of 196 Sections (includes remaining provisions of Sections notified on 12th September, 2013) and 6 Schedules (Schedules I to VI) of the Act shall come into force. The Notification dated 26th March, 2014 is available at the following link:
https://www.mca.gov.in/Ministry/pdf/CompaniesActNotification26March2014.PDF
With the above Notifications, as on 26th March, 2014, all the Schedules (Schedules I to VII) and 283 Sections of the Act stand notified and 187 Sections are yet to be notified. Rules under the Companies Act, 2013 except CSR Rules are yet to be notified.
Major Sections which are yet to be notified include Sections under the following Chapters of the Act:
Chapter XV: Compromises, Arrangements and Amalgamations
Chapter XVI: Prevention of Oppression and Mismanagement
Chapter XVII: Registered Valuers
Chapter XVIII: Removal of Names of Companies from the Register of Companies
Chapter XIX: Revival and Rehabilitation of Sick Companies
Chapter XX: Winding Up
Chapter XXVII: NCLT and NCLAT
Chapter XXVIII: Special Courts &
Section 125: Investor Education and Protection Fund
Section 132: Constitution of National Financial Reporting Authority
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