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
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 :
- ICSI Seeks MCA Annual Filing Due Date Extension Till 31st Dec 2026 Without Additional Fees
- No New GST on Food Delivery Services. Rate Reduced to 5%, Clarifies CBIC
- ICAI Issues New Tender Guidelines for Practising CAs, Bars Bids Without Minimum Fees
- GST Portal Enables GSTR-9 and GSTR-9C Filing for FY 2025-26
- GST FAQs: Rs 10,000 Threshold for Show-Cause Notices, ITC and Penalty Rules Clarified
- Jio Platforms Announces Rs 30,213 Crore IPO, Targets Rs 10.3 Lakh Crore Valuation
- RBI Hikes Repo Rate by 25 Basis Points to 5.50% in October 2026
- RBI Announces Regulatory Measures for the Foreign Exchange Market
- CBDT Revises Form 161 for Penalty Waiver Applications Under Income Tax Act 2025
- GST Council Recommends Major Compliance Reforms: IPR Taxation, Late Fee Relief and E-Invoicing Changes
Popular News
- Central Excise Duty Rates Revised: Rs 16 and Rs 10.5 Per Litre Effective 1st October 2026
- CBDT Revises Form 161 for Penalty Waiver Applications Under Income Tax Act 2025
- ICAI Issues New Tender Guidelines for Practising CAs, Bars Bids Without Minimum Fees
- CBDT Revises Administrative Subordination of Income Tax (Appeals) Authorities under IT Act 2025
- GST Return Reforms: New ITC Reconciliation Mechanism Proposed from April 2027
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
