New Delhi, March 28 IANS | 7 months ago

The government Friday notified 10 more chapters of the new Companies Act, primarily related to appointment of directors and powers of board.


Major part of the new legislation is now operational. The ministry of corporate affairs notified 183 new sections Wednesday, in addition to 100 sections notified earlier. The total of notified chapters now stand at 293.

The new chapters notified Friday primarily relate to incorporation, management and administration, directors and board functioning, prospectus and allotment of securities, shares and debentures, accounts, declaration of dividends, registration of charges, in addition to the CSR Rules released earlier this month.

"It is time for corporates to gear themselves to comply with the new law," said Sai Venkateshwaran, partner and head of accounting advisory services at KPMG in India.

He pointed out that the ministry has made several changes to the final rules especially in the area of rationalising the limits for compliance with various sections.

"It is heartening to note that the ministry of corporate affairs has taken into account several of the recommendations made by the corporate sector in finalising these rules, keeping in mind the practical difficulties that would have been faced by the corporate sector in implementing some of the changes," Venkateshwaran said.

With this notification, the key requirements of the new legislation relating to incorporation, management, board functioning accounts and audit, will now be operational with effect from April 1, 2014.

"One of the biggest challenges for India Inc. at this stage will indeed be compliance with the new law," said Sidharth Birla, president, Federation of Indian Chambers of Commerce and Industry (FICCI).

"This is definitely a positive step in the overall implementation of the Companies Act, 2013 and we compliment the ministry of corporate affairs for the extensive consultative process adopted by them while finalising these rules," Birla said.

(Posted on 28-03-2014)

Share This Page:


Post your comments


Information on States of India:

Andaman Nicobar | Andhra Pradesh | Arunachal Pradesh | Assam | Bihar | Chandigarh | Chhattisgarh | Dadar Nagar Haveli | Daman Diu | Delhi | Goa | Gujarat | Haryana | Himachal Pradesh | Jammu Kashmir | Jharkhand | Karnataka | Kerala | Lakshadweep | Madhya Pradesh | Maharashtra | Manipur | Meghalaya | Mizoram | Nagaland | Orissa | Pondicherry | Punjab | Rajasthan | Sikkim | Tamil Nadu | Tripura | Uttar Pradesh | Uttaranchal | West Bengal

INDIA REGIONAL MAPS:

Andhra Pradesh Travel Map | Bihar Travel Map | Goa Travel Map | Gujarat Travel Map | Haryana Travel Map | Himachal Pradesh Map | Karnataka Travel Map | Kerala Travel Map | Maharashtra Travel Map | Punjab Travel Map | Rajasthan Travel Map | Sikkim Travel Map | Tamil Nadu Travel Map | Uttar Pradesh Travel Map | West Bengal Travel Map |

KERALA TRAVEL MAPS:

Alappuzha | Ernakulam | Idukki | Kannur | Kasaragod | Kollam | Kottayam | Kozhikode | Malappuram | Palakkad | Pathanamthitta | Thiruvananthapuram | Thrissur | Wayanad |

TRAVEL MAPS OF INDIA:

Airports of India | Districts of India | India Pilgrim Centers | Tourism Map of India | National Highways in India | India Railway Routes |

INDIA CITY MAPS:

Ahmadabad | Bangalore | Chennai | Coimbatore | Delhi | Hyderabad/Secunderabad | Kochi | Kolkata | Mumbai | Pondicherry | Pune | Surat |