list of recently implemented section

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Dear Friends, Ministry of corporate affairs vide its notification dated 12th September 2013, brought into effect 98 sections of the Companies Act, 2013 w.e.f. 12th September 2013. To clear out the implementation of some of these sections Ministry again issued a circular No15/2013 on 13th Sep. 2013. For the benefits of our friends we have compiled the list of newly implemented sections of Companies Act, 2013 along with corresponding sections of the Companies Act, 1956. Hope you will find it useful.

Sr. No.

Sections of Companies Act 2013, applicable w.e.f. 12.09.2013

Corresponding sections of Companies Act 1956

MCA clarification on applicability of newly applicable sections.

Views / comments

Sec. Provisions Sec. Provisions

1. 2 Definitions ( Some subsections are applicable ) (List of sub sections will be made available soon)

2(68). Registrar of Companies may register those MOA received till 11.09.2013 as per the definition clause of 'Pvt. Co.' under the Companies Act, 1956 without referring to the definition of "Pvt. Co." under new Act

MCA is putting the E-form 1 into re-submission asking change in MOA (Format of new Moa is available on my blog.)



2. 19 Subsidiary Company not to hold shares in Holding Company 42 Membership of holding Company

3. 21 Authentication of documents, proceedings and contracts 54 Authentication of documents and

proceedings 4. 22 Execution of bills of exchange, etc. 47 Bills of exchange and promissory note 5. 23 Public offer and private placement.

(Partly effective) --- ---

6. 24 Power of Securities and Exchange Board to regulate issue and transfer of securities, etc.

55A Power of Securities and Exchange Board of India

7. 25 Document containing offer of securities for sale to be deemed prospectus (Partly effective)

64 Document containing offer of shares or debentures for sale to be deemed prospectus

8. 29 Public offer of securities to be in dematerialized form. 68B Initial offer of securities to be in

dematerialized form in certain cases.

9. 30 Advertisement of Prospectus 66 Newspaper advertisements of prospectus

10. 31 Shelf Prospectus 60A Shelf prospectus4 11. 32 Red herring prospectus 60B Information memorandum 12. 33 Issue of Application form for

Securities (Partly effective) 56(3) Matters to be stated and reports to be set out in prospectus

13. 34 Criminal liability for misstatements in prospectus 63 Criminal liability for misstatements in

prospectus

14. 35 Civil liability for misstatements in prospectus (Partly effective) 62 Civil liability for misstatements in

prospectus

15. 36 Punishment for fraudulently inducing persons to invest money. 68 Penalty for fraudulently inducing

persons to invest money 16. 37 Action by affected persons -- --



17. 38 Punishment for personation for acquisition, etc., of securities. 68A Personation for acquisition, etc., of

shares

18. 39 Allotment of securities by Company (Partly effective) 69 Prohibition of allotment unless

minimum subscription received

19. 40 Securities to be dealt with in stock exchanges. (Partly effective) 73

Allotment of shares and debentures to be dealt in on stock exchange

20. 44 Nature of shares or debentures. 82 Nature of shares or debentures 21. 45 Numbering of shares 83 Numbering of shares 22. 49 Calls on shares of same class to be

made on uniform basis. 91 Calls on shares of same class to be made on uniform basis

23. 50 Company to accept unpaid share capital, although not called up. 92

Power of company to accept unpaid share capital, although not called-up

24. 51 Payment of dividend in proportion to amount paid up 93 Payment of dividend in proportion to

amount paid-up.

25. 57 Punishment for personation of shareholder. 116 Penalty for personation of

shareholder

26. 58 Refusal of registration and appeal against refusal. 111(1) Power to refuse registration and

appeal against refusal 27. 59 Rectification of register of members. 111A Rectification of register on transfer 28. 60 Publication of authorised, subscribed

and paid up capital. 148 Publication of authorised as well as subscribed and paid-up capital.

29. 65 Unlimited company to provide for reserve share capital on conversion into limited company.

32 Registration of unlimited company as limited company

30. 69 Transfer of certain sums to capital redemption reserve account. 77AA Transfer of certain sums to capital

redemption reserve account.—



31. 70 Prohibition for buyback (Partly effective) 77B Prohibition for buy-back in certain

circumstances

32. 86 Punishment for contravention 142 Penalties ( for default in filing form 8 & Form 17

33. 91 Power to close register of members or debentureholders or other security holders.

154 Power to close register of members or debenture holders

34. 100 Calling of EGM (Partly effective ) 169 Calling of extraordinary general meeting on requisition

35. 102 Statement to be annexed to notice 173 Explanatory statement to be annexed to notice.

All Companies which have issued notice of general meeting on or after 12.09.2013 , the statement to be annexed to the notice shall comply with additional requirement as prescribed in Section 102 of the New Act

--

36. 103 Quorum for meetings 174 Quorum for meetings 37. 104 Chairman for meetings (Partly

effective) 175 Chairman for meetings 38. 105 Proxies (Partly effective) 176 Proxies

39. 106 Restriction on voting rights. 181 Restriction on exercise of voting right

of members who have not paid calls.

182 Restrictions on exercise of voting right in other cases to be void

183

Right of member to use his votes differently.

40. 107 Voting by show of hands 177 Voting to be by show of hands in first instance



178 Chairman's declaration of result of voting by show of hands to be conclusive

41. 111 Circulation of members’ resolution. 188 Circulation of members' resolutions 42. 112 Representation of President and

Governor in meetings 187A Representation of the President and Governors in meetings of companies of which they are members

43. 113 Representation of corporations at meeting of companies and of creditors. (Partly effective)

187 Representation of corporations at meetings of companies and of creditors

44. 114 Ordinary & Special resolutions 189 Ordinary and special resolutions 45. 116 Resolutions passed at adjourned

meeting 191 Resolutions passed at adjourned meetings

46. 127 Punishment for failure to distribute dividends. 207 Penalty for failure to distribute

dividends within thirty days

47. 133 Central Government to prescribe accounting standards. 211(3C) Form and contents of balance sheet

and profit and loss account

Till the standard of Accounting or any addendum thereto are prescribed by Central Government in consultation and recommendation of the National Financial Reporting Authority, the existing Accounting Standards notified under Companies Act, 1956 shall continue to apply.

48. 161 Appointment of additional director, alternate director and nominee director. (Partly effective)

260 Additional Director 262 Filling of casual vacancies among

directors

49. 162 Appointment of directors to be voted individually. 263 Appointment of directors to be voted

on individually. 50. 163 Option to adopt principle of 265 Option to company to adopt



proportional representation for appointment of directors.

proportional representation for the appointment of directors.

51. 176 Defects in appointment of directors not to invalidate actions taken. 290 Validity of acts of directors

52. 180 Restrictions on powers of Board 293 Restrictions on powers of Board

In respect of requirement of special resolution under section 180 of the New Act, as against ordinary resolution required by the Companies Act 1956, if notice for any such general meeting was issued prior to 12.09.2013, then such resolution may be passed in accordance with the requirement of the Companies Act, 1956

53. 181 Company to contribute to bona fide and charitable funds, etc. 293(1)(e) Restrictions on powers of Board

54. 182 Prohibitions and restrictions regarding political contributions. 293A Prohibitions and restrictions

regarding political contributions

55. 183 Power of Board and other persons to make contributions to national defence fund, etc.

293B Power of Board and other persons to make contributions to the National Defence Fund, etc

56. 185 Loans to Directors, etc 295 Loans to directors, etc.

57. 192 Restriction on non cash transactions involving directors. -

-

58. 194 Prohibition on forward dealings in securities of company by director or key managerial personnel.

- -



59. 195 Prohibition on insider trading of securities. - -

60. 202 Compensation for loss of office of managing or whole time director or manager.

318 Compensation for loss of office not permissible except to managing or whole-time directors or to directors who are managers

61. 379 Application of Act to foreign companies. 591 Application of sections 592 to 602 to

foreign companies

62. 382 Display of name, etc., of foreign company. 595

Obligation to state name of foreign company, whether limited, and country where incorporated

63. 383 Service on Foreign Company 596 Service on foreign company.

64. 386 Debentures, annual return, registration of charges, books of account and their inspection. (Partly effective)

602 Interpretation of foregoing sections of Part

65. 394 Annual reports on Government companies. 619A Annual reports on Government

companies.

66. 405 Power of Central Government to direct companies to furnish information or statistics.

615

Power of Central Government to direct companies to furnish information or statistics.

67. 407 National Company Law Tribunal and Appellate Tribunal

10FD National Company Law Tribunal and Appellate Tribunal

68. 408 10FB 69. 409 10FD



70. 410 10FR 71. 411 10FR 72. 412 -- 73. 413 10FE/FT 74. 414

10FG/ 10FW

75. 439 Offences to be non cognizable 621 to 631 Offences and penalties under the Act

76. 443 Power of Central Government to appoint company prosecutors. 624A

Power of Central Government to appoint company prosecutors

77. 444 Appeal against acquittal -- -- 78. 445

Compensation for accusation without reasonable cause. -- --

79. 446 Application of fines 626 Application of fines 80. 447 Punishment for fraud -- -- 81. 448 Punishment for false statement 628 Punishment for false statement 82. 449 Punishment for false evidence 629 Punishment for false evidence 83.

450 Punishment where no specific penalty or punishment is provided. 629A

Penalty where no specific penalty is provided elsewhere in the Act.

84. 451 Punishment in case of repeated default. -- --

85. 452

Punishment for wrongful withholding of property. 630

Penalty for wrongful withholding of property

86. 453

Punishment for improper use of “Limited” or “Private Limited”. 631

Penalty for improper use of words "Limited" and "Private Limited"



87. 456 Protection of action taken in good faith. -- --

88. 457 Nondisclosure of information in certain cases. 635AA

Non disclosure of information in certain cases.

89. 458

Delegation by Central Government of its powers and functions. 637

Delegation by Central Government of its powers and functions under Act.—

90. 459

Powers of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications. 637A

637A. Power of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications

91. 460 Condonation of delay in certain cases. 637B Condonation of delays in certain cases 92. 461

Annual report by Central Government. 638

Annual report by Central Government

93. 462

Power to exempt class or classes of companies from provisions of this Act. -- --

94. 463 Power of court to grant relief in certain cases. 633

Power of Court to grant relief in certain cases.

95. 467 Power of Central Government to amend Schedules. -- --

96. 468

Power of Central Government to amend Schedules. 643

Power of Central Government to make rules relating to winding up

97. 469 Power of Central Government to make rules. 642

Power of Central Government to make rules1.

98. 470 Power to remove difficulties. -- --



Thanking You

268, Business India Complex, Uday Park, New Delhi-110049 Call us : +91 9718483209 Mail : [email protected]

Kindly note that the entire contents of these documents have been developed on the basis of relevant statutory provisions and as per the information existing at the time of preparation. Though we have made upmost efforts to provide authentic information, however we do not undertake any liability in any way whatsoever, to any person in respect of anything arising by reliance upon the content of this article. The views expressed are the individual views of the author.

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