1) Commencement of Companies Act 2013:
The Companies Bill, 2012, received the President’s assent on 29th August 2013 and became the Companies Act, 2013 (new Act). The new Act was published in the Official Gazette on 30th August 2013. The same can be accessed at www.egazette.nic.in/WriteReadData/20 13/E_27_2013_425.pdf
Different sections of the new Act will become effective on different dates as may be appointed by the Central Government by notification in the Official Gazette. On 12th September 2013, the Ministry of Corporate Affairs (MCA) issued a Notification for commencement of 98 sections of the new Act, making them effective from 12th September 2013, the details of which areavailable on the MCA website.
The Ministry of Corporate Affairs has vide Circular 16/2013 Dated 18th September 2013 clarified that with effect from 12-9-2013, the relevant sections of the Companies Act 1956 which correspond to the 98 sections of the Companies Act 2013 brought into effect from 12-09-2013 have ceased to have effect from that date. The Circular can be accessed at www.mac.gov.in/pdf/ General_Circular_16_2013.pdf
The Ministry of Corporate Affairs has vide Circular No. 15 dated 13th September 2013, clarified that:
a) Section 2 (68) the Registrar of Companies may register those Memorandum and Articles of Association received till 11-09-2013 as per the definition clause of the Private Company under the Companies Act 1956 without referring to the definition of Private Company under the “said Act”.
b) Section 102 – Companies which have issued notices of General Meeting on or after 12-09-2013, the statement to be annexed to the Notice shall comply with additional requirements as prescribed in Section 102 of the Companies Act 2013.
c) Section 133 – Till the Standards of Accounting or any addendum thereto are prescribed by the Central Government, the existing Accounting Standards as notified under Companies Act 1956 shall continue to apply.
d) Section 180 – For notices for General Meeting issued prior to 12-09-2013, matters requiring special resolution under section 180 of the Companies Act 2013 as against ordinary resolution required under Companies Act 1956 may be passed in accordance to the requirement of Companies Act 1956.
2) Companies Removal of Difficulties Order 2013
The Ministry of Corporate Affairs has vide its Companies (Removal of Difficulties) Order 2013 dated 20th September 2013, notified for the transfer of all matters, proceedings or cases to the Tribunal constituted under Chapter XXVII of the Companies Act 2013, that the Board or Company Law Administration shall exercise the powers of the Tribunal under sections 24, 58 and 59 of the Act namely – section 24: Power of Securities and Exchange Board to regulate issue and transfer of securities, etc., and sections 58 and 59 pertaining to share capital and debentures: Refusal of registration and appeal against refusal and rectification of register of members respectively. The order can be accessed at
3) Relaxation of Last Date and Additional Fee in Filing E-Form 23C for Appointment of Cost Auditor
Vide general Circular No. 14/2013 dated 3rd September 2013, the Ministry of Corporate Affairs has decide to extend the last date of filing and to relax the additional fess applicable on e-form 23C up to 31st October 2013 i.e., the form can be filed up to 31st October 2013 or within 90 days of the commencement of a company’s financial year to which the appointment relates, whichever is later.
4) Draft Rules under the Companies Act 2013
The Ministry of Corporate Affairs has made the draft Rules for 16 chapters under the Companies Act 2013, live for public comments in the 1st phase to be received by 8th October 2013 and those in the 2nd Phase by 19th October 2013. The stakeholders can use the platform at www.ncbfeedback.mca.gov.in/ for providing their suggestions and comments on the draft rules.
