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Transition period companies act 2013
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Transition period companies act 2013 Transition period companies act 2013 Document Transcript

  • Transition Period for various Provision of Companies Act, 2013 www.proglobalcorp.wordpress.com SECTION TRANSITION PERIOD COMPLIANCE REQUIRED 2(41) – Definitions of “Financial Year” 2 years from the commencement of the provision Company and body existing on the commencement of this provision shall align its financial year to April to March 41 - Global depository Receipts read with Rule 8(1) and (2) of the Companies (Issue of Global Depository Receipts) Rules, 2014 Rule 8(1)- 6 months from the commencement of rules Company which has issued depository receipts prior to commencement of these rules shall comply with the requirement under the rule within 6 Months from the Commencement of these Rules. Rule 8(2)- 6 Months from the Commencement of these Rules Any Issue of Depository receipts after six months from the commencement of these rules shall be in accordance with the requirements of these rules. 88 – Register of members etc read with rule no.3 of the Companies (Management and Administration) Rules, 2014 6 months from the commencement of the rules  Existing companies, registered under the Companies Act, 1956, shall comply with the new format of Register of members in MGT-1  In case of existing companies not having share capital, particulars as provided in rule 3(2), needs to be provided in the Register of members. 120 – Maintenance and inspection of document in electronic form read with rule no.27 of the Companies (Management and administration) Rules, 2014 6 months from the date of commencement of this provision Every Existing Listed Companies or companies having not less than 1000 Shareholder/Debenture holder/Security holder shall convert their data from physical mode to electronic mode. Section 134-Financial Statements, Auditors Report and Board Report, read with Companies (Accounts) Rule, 2014 read with MCA Circular no. 8/2014 dated 04.04.2014 Financial Statements relating to Financial Year Commencing ON or AFTER 01.04.2014 shall be prepared as per the provision of Section 134 read with the relevant rules. 138 – Internal Audit read with Rule no.13 of the Companies (Accounts) Rules, 2014 6 months from the date of commencement of Section 138 Every Existing Companies covered under Rule 13(1) of the Companies (Accounts) Rule, 2014 shall comply with the requirement to appointment of Internal Auditor.
  • Transition Period for various Provision of Companies Act, 2013 139(2) – Appointment of Auditors and Rotation of Auditor read with Rule 5 of the Companies (Audit and Auditors) Rule, 2014 3 years from the commencement of this provision Every Existing Companies covered under Rule 5 of the Companies (Audit and Auditors) Rules, 2014 shall comply with the requirement to rotation of Auditor. 144 – Auditor not to render certain services Before the Closure of 1st financial year after the date of commencement of this provision Auditor or any audit firm who or which has been performing any non audit services on or before the commencement of this provision shall comply with the requirement of this provision. 149 – Company to have Board of Directors read with the Companies (Appointment and Qualification of Directors) Rules, 2014 1 year from the date of commencement of this provision Company existing on or before the commencement of this provision shall comply with the requirement related to appointment of woman director. Companies covered under Rule 3 of the said rules shall have at least one Woman Director on its Board 149 - Company to have Board of Directors read with rule no.3 of the Companies (Appointment & Qualification of Directors) Rules, 2014. 6 months from the date of its incorporation Company which has been incorporated under the Companies Act 2013 shall comply with the requirement related to appointment of woman director. 149(4) – Company to have Board of Directors the Companies (Appointment & Qualification of Directors) Rules, 2014. 1 year from the date of commencement of this provision Every Listed Company and Companies Covered under Rule 4 of the Companies (Appointment & Qualification of Directors) Rules, 2014, existing on or before the commencement of this provision shall comply with the requirement related to appointment of independent director. 165 – Number of directorships 1 year from the date of commencement of this provision Person acting as Director in companies more than number prescribed immediately before the commencement of this provision shall comply with the requirement of maximum number of directorship 177 of the Companies Act, 2013 read with Rule 6 of the Companies (Meeting of Board and its Power) Rules, 2014– Audit Committee 1 year from the date of commencement of this provision The existing audit committee of every Listed Company or Companies Covered under the said rules shall be re-constituted as per the new constitution norms. 203 – Appointment of Key Managerial Personnel 6 months from the date of commencement of this provision Whole-time Key Managerial Personnel holding office in more than one Company as on the date of commencement of this provision to opt for one company wherein he wishes to continue to hold office as Key Managerial Personnel.
  • Transition Period for various Provision of Companies Act, 2013 406 – Power to modify act in its application to Nidhis read with rule no. 5(i) of Nidhi Rules 2014 1 year from the date of commencement of these rules Every Nidhi Company shall ensure that it has :-  Minimum 200 members.  Net owned fund of Rs 10 Lakh or more  Unencumbered term deposits of not less than 10% of the outstanding deposit  Ratio of net owned funds to deposits of not more than 1:20 406 – Power to modify act in its application to Nidhis read with rule no.11 of Nidhi Rules 2014 Different time slabs has been prescribed till 31st March 2016 Every company which had been declared as a Nidhi or Mutual Benefit society under sub-section (1) of Section 620A of the Companies Act, 1956 or every company functioning on the lines of a Nidhi Company or Mutual Benefit Society has either not applied for or has applied for and is awaiting notification to be a Nidhi or Mutual Benefit Society under sub-section (1) of the Section 620 of the Companies Act, 1956 and which is existing on or before 26th July, 2001 and has accepted deposits in excess of the prescribed limits shall restore the same to prescribed limit by increasing the Net Owned Funds position or alternatively by reducing the deposit.