A little more than a half of the provisions of Companies Act, 2013 (Act) came into force from 1st April 2014. Following this, several communications were received in the Ministry of Corporate Affairs from bodies such as industry associations, chambers of commerce and professional institutes drawing attention to certain practical difficulties concerning these provisions or seeking clarifications about the same. There was also an interactive session on these issues with the stakeholders on 21st June 2014. Pursuant to this Government have issued suitable circulars, statutory orders and amendments in the Rules to provide transitional time, remove doubts or practical difficulties. Amendments in the Act will be considered if measures out-lined above prove inadequate. Specifically for the difficulties expressed regarding communication of irregularities, embezzlements etc. to the Government through auditors’ reports, the Institute of Chartered Accountants of India has been asked to give its comments on the feasibility of having some criteria to determine the thresholds of the quantum of a fraud/suspected fraud for mandatory reporting to the Government by the Auditors. Section 149(12) of the Act already grants protection to Independent directors (IDs) from prosecution in matters which had not occurred with their knowledge, consent, connivance or where they had acted diligently.
Changes in Companies Act
Last updated: 23 July 2014
Follow on
Google News
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- India's Rs 100 Crore Income Filers Jump 4X in 5 Years, Reach 576 in AY 2025-26
- No Change in MSME Payment Compliance: Government Defends Section 43B(h) in Parliament
- CBDT Extends Tax Exemption Benefits to Maharashtra Fees Regulating Authority Under Section 10(46)
- CBDT Notifies ITR-BN Under Income Tax Rules 2026 for Block Assessment Cases
- ICAI Extends Time Limit for Transfer of Goodwill of Deceased CA Proprietor Firms from 1 Year to 3 Years
- Draft Insurance Rules 2026 Released: Centre Proposes Major Overhaul of 87-Year-Old Insurance Rules
- FM Sitharaman Calls for Greater Tax Certainty and Reduced Litigation at 167th Income Tax Day Celebration
- ICAI and IIPA Join Hands to Strengthen Municipal Finance, Accounting and Urban Governance
- Centre Notifies Additional PMLA Special Courts in Gujarat
- CBDT Grants Section 10(46) Exemption to District Legal Services Authority, Jind
Popular News
- CBDT Notifies ITR-BN Under Income Tax Rules 2026 for Block Assessment Cases
- CBDT Notifies NaBFID 10-Year Zero Coupon Bond Under Income Tax Act, 2025
- CBDT Notifies Cost Inflation Index (CII) for FY 2026-27 Under Income Tax Act, 2025
- CBDT Revises 'Specified Fund' Definition Under Income Tax Act, 2025
- Draft Insurance Rules 2026 Released: Centre Proposes Major Overhaul of 87-Year-Old Insurance Rules
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
