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MCA releases The Companies (Amendment) ACT, 2019

Posted on 02 August 2019,    
 2595    Share  Report

MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 31st July, 2019/Shravana 9, 1941 (Saka)

The following Act of Parliament received the assent of the President on the 31st July, 2019, and is hereby published for general information: - 

THE COMPANIES (AMENDMENT) ACT, 2019
NO. 22 OF 2019
[31st July, 2019]

An Act further to amend the Companies Act, 2013.
BE it enacted by Parliament in the Seventieth Year of the Republic of India as follows:

1. (1) This Act may be called the Companies (Amendment) Act, 2019.

(2) The provisions of this Act, except sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, sections 20 and 21, section 31, sections 33, 34 and 35, sections 37 and 38 shall be deemed to have come into force on the 2nd day of November, 2018.

(3) The provisions of sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, sections 20 and 21, section 31, sections 33, 34 and 35, sections 37 and 38 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for these provisions and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.

2. In section 2 of the Companies Act, 2013 (hereinafter referred to as the principal Act), in clause (41), -

(a) for the first proviso, the following provisos shall be substituted, namely:

“Provided that where a company or body corporate, which is a holding company or a subsidiary or associate company of a company incorporated outside India and is required to follow a different financial year for consolidation of its accounts outside India, the Central Government may, on an application made by that company or body corporate in such form and manner as may be prescribed, allow any period as its financial year, whether or not that period is a year:

Provided further that any application pending before the Tribunal as on the date of commencement of the Companies (Amendment) Act, 2019, shall be disposed of by the Tribunal in accordance with the provisions applicable to it before such commencement.”;

(b) in the second proviso, for the words “Provided further that”, the words "Provided also that” shall be substituted.

To read more in details, find the enclosed attachment

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