Cos asked to adhere to new formalities under new law
Updated: Apr 26, 2014 03:11:34pm
New Delhi, Apr 26 (KNN) The Ministry of Corporate Affairs has advised companies to file certain forms following enactment and notification of the new Companies Act.
The forms will be available for filing by stakeholders with effect from April-28.
The Companies Bill 2013 obtained the assent of the President of India on 29 August 2013, it has now become the much awaited Companies Act, 2013 (2013 Act).
The 2013 Act introduces significant changes in the provisions related to governance, e-management, compliance and enforcement, disclosure norms, auditors and mergers and acquisitions.
Also, new concepts such as one-person company, small companies, dormant company, class action suits, registered valuers and corporate social responsibility have been included.
The new Companies Act replaces the CA 1956 had been in existence for over 50 years, and was proving to be ineffective while handling complex issues in the context of the evolving requirements of India Inc.
On March 26, 2014, the Ministry of Corporate Affairs notified most of the provisions, which came into force on April 01, 2014.
The CA 2013 contains 29 Chapters divided into 470 sections and 7 schedules, as opposed to the 658 sections and 15 schedules under the CA 1956. However, the new law also makes extensive reference to sub-ordinate legislation in the form of rules, which form an integral part of the new law governing companies in India. (KNN/ES)
The forms will be available for filing by stakeholders with effect from April-28.
The Companies Bill 2013 obtained the assent of the President of India on 29 August 2013, it has now become the much awaited Companies Act, 2013 (2013 Act).
The 2013 Act introduces significant changes in the provisions related to governance, e-management, compliance and enforcement, disclosure norms, auditors and mergers and acquisitions.
Also, new concepts such as one-person company, small companies, dormant company, class action suits, registered valuers and corporate social responsibility have been included.
The new Companies Act replaces the CA 1956 had been in existence for over 50 years, and was proving to be ineffective while handling complex issues in the context of the evolving requirements of India Inc.
On March 26, 2014, the Ministry of Corporate Affairs notified most of the provisions, which came into force on April 01, 2014.
The CA 2013 contains 29 Chapters divided into 470 sections and 7 schedules, as opposed to the 658 sections and 15 schedules under the CA 1956. However, the new law also makes extensive reference to sub-ordinate legislation in the form of rules, which form an integral part of the new law governing companies in India. (KNN/ES)
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