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Central Government appoints the 24th March 2021 as the date on which the provisions of section 23 and section 45 of the said Act came into force. Read the official notification below:

MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 24th March, 2021

Section 23 and 45 of Companies (Amendment) Act, 2020 came into force on 24th March 2021

S.O. 1303(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby appoints the 24th March, 2021 as the date on which the provisions of section 23 and section 45 of the said Act shall come into force.

S No.

Section of the Companies (Amendment) Act, 2020

Section of the Companies Act, 2013

Particulars

1

Section 23

Section 124(7)

Unpaid Dividend Account

2

Section 45

Section 247(3)

Valuation by Registered Valuers

Accordingly, w.e.f. 24.03.2021, penalty has been reduced under section 124(7) and 247(3) for failure in complying with the provisions under section 124 and contravention of the provisions of section 247 or the rules made thereunder respectively.

F. No. 1 /3 /2020-CL.I]
K. V. R. MURTY, Jt. Secy.

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