ICAI announces regarding commencement notification of certain provisions of Companies (Amendment) Act, 2020 w.e.f. 22nd Jan 21

Last updated: 28 January 2021

Save Share

Quick Summary

The Institute of Chartered Accountants of India (ICAI) has announced that several key provisions of the Companies (Amendment) Act, 2020, are now in force as of January 22, 2021. These amendments cover a range of important areas, including the definition of a listed company, further issue of share capital, and corporate social responsibility. The notification also details changes related to beneficial interest declarations, proxies, and the filing of resolutions.

ANNOUNCEMENT

Sub: Commencement notification of certain provisions of Companies (Amendment) Act, 2020 w.e.f. 22nd January, 2021

Companies Act 2020: Key Provisions Come Into Force

This is to inform you that Central Government has appointed the 22nd day of January 2021 as the date on which the following provisions of the Companies (Amendment) Act, 2020 shall come into force namely:

S No.	Section of the Companies (Amendment) Act, 2020	Section of the Companies Act, 2013	Particulars
1	2	Clause 52 of section 2	Definition of listed company
2	11	62(1)(a)(i)	Further Issue of Share Capital
3	Clause c of section 18	89	Declaration in respect of beneficial interest in any share
4	21	105(5)	Proxies
5	Clause ii of section 22	117(3)(g)	Resolutions and agreements to be filed
6	25	Insertion of new section 129A	Periodical financial results
7	27	135	Corporate Social Responsibility
8	53	379	Application of act to foreign companies
9	55	Insertion of new section 393A	Exemptions under this chapter
10	58	410	Constitution of Appellate Tribunal
11	59	Insertion of new section 418A	Benches of Appellate Tribunal
12	60	435(1)	Establishment of Special Courts
13	62	446B	Lesser penalties for one person companies or small companies
14	64	452(2)	Punishment for wrongful withholding of property
15	65	454(3)	Adjudication of Penalties

Notification is available at the link-

http://egazette.nic.in/WriteReadData/2021/224636.pdf and http://egazette.nic.in/WriteReadData/2021/224637.pdf

Members may note the above.

Sincerely Yours,

Chairman and Vice Chairman
Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India

FAQ :

The new provisions came into effect on January 22, 2021.

The notified sections include those related to the definition of a listed company, further issue of share capital, beneficial interest in shares, proxies, resolutions to be filed, periodical financial results, corporate social responsibility, application to foreign companies, exemptions, appellate tribunals, special courts, penalties for one-person or small companies, wrongful withholding of property, and adjudication of penalties.

Clause 52 of Section 2 of the Companies (Amendment) Act, 2020, which deals with the definition of a listed company, has come into force.

Yes, Section 135 of the Companies Act, 2013, related to Corporate Social Responsibility, is among the provisions that have come into force.

The official notification can be found on the e-gazette website at the provided links: http://egazette.nic.in/WriteReadData/2021/224636.pdf and http://egazette.nic.in/WriteReadData/2021/224637.pdf.

2967 Views Comment Share Corporate Law Report

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.

View News

Comments :