The document provides an overview of key changes introduced in the Companies Act 2013 compared to the Companies Act 1956. Some of the major changes include the introduction of one person companies, increased limit of members in a private company, mandatory rotation of auditors, constitution of audit committee for listed companies, increased role and responsibilities of independent directors, requirements around corporate social responsibility for large companies, and establishment of the National Company Law Tribunal to replace High Courts for certain functions.
Here we are covering two major topics which are as follows :
1. Implications of Companies Act, 2013 on Corporate
Governance
2. Implications of Companies Act, 2013 on presentation of
financial statements
An easy way to find the new Companies Act, 2013 with its new and important changes..
Tried to made it maximum simple to understand..
The new legislation will create new avenues for Business and Professionals relating to this field..especially corporate law experts..
Here we are covering two major topics which are as follows :
1. Implications of Companies Act, 2013 on Corporate
Governance
2. Implications of Companies Act, 2013 on presentation of
financial statements
An easy way to find the new Companies Act, 2013 with its new and important changes..
Tried to made it maximum simple to understand..
The new legislation will create new avenues for Business and Professionals relating to this field..especially corporate law experts..
Objective and Agenda:
In order to bring flexibility and to monitor the activities of the charitable organisations in India, non-governmental organisations are given the corporate status by forming companies under Section 8 of the Companies Act, 2013. The scope of the webinar is to cover the objects of forming a Section 8 Company, procedure to obtain license, benefits of forming a Section 8 Company, conversion of Section 8 Company into any other company, effects of non-compliance of objects and the tax benefits available to such companies.
Dear Members
Following the passage of the Companies (Amendment) Bill and LLP (Amendment) Bill by Parliament on 10 March 2017, Senior Minister of State for Law and Finance Indranee Rajah has issued a note (as attached) meant for the business and legal communities. The note highlights that the legislative changes will be a timely boost for Singapore as we seek to enhance our international competitiveness and strengthen Singapore’s standing as a leading financial centre. For further details on the legislative changes and help resources, please refer to ACRA’s website at www.acra.gov.sg/CA_2017.
ACCA
An overview of the Companies Act 2014 as it pertains to Irish registered limited companies, with the information and practical knowledge necessary to ensure that such companies comply with the Act.
Objective and Agenda:
In order to bring flexibility and to monitor the activities of the charitable organisations in India, non-governmental organisations are given the corporate status by forming companies under Section 8 of the Companies Act, 2013. The scope of the webinar is to cover the objects of forming a Section 8 Company, procedure to obtain license, benefits of forming a Section 8 Company, conversion of Section 8 Company into any other company, effects of non-compliance of objects and the tax benefits available to such companies.
Dear Members
Following the passage of the Companies (Amendment) Bill and LLP (Amendment) Bill by Parliament on 10 March 2017, Senior Minister of State for Law and Finance Indranee Rajah has issued a note (as attached) meant for the business and legal communities. The note highlights that the legislative changes will be a timely boost for Singapore as we seek to enhance our international competitiveness and strengthen Singapore’s standing as a leading financial centre. For further details on the legislative changes and help resources, please refer to ACRA’s website at www.acra.gov.sg/CA_2017.
ACCA
An overview of the Companies Act 2014 as it pertains to Irish registered limited companies, with the information and practical knowledge necessary to ensure that such companies comply with the Act.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
3. This Presentation is prepared keeping the provisions of
the 2013 Act and does not capture provisions of the
Rules as the same are in Draft stage and are subject to
change once the feedback of the stakeholders is received by
MCA and incorporated in the final Rules.
"Prescribed" or "as prescribed" or "as may be prescribed"
used in this Presentation means the Rules as may be
finalized by the CG.
5. SALIENT FEATURES
COMPANIES ACT 1956 COMPANIES ACT 2013
13 Parts 29 Chapters
658 Sections 470 Sections
15 Schedules 7 Schedules
The entire act has been divided into 29 chapters.
6. Passed in Lok Sabha on 18th December,
2012 (Bill no. 121 of 2011)
Passed in Rajya Sabha on 8th August,
2013 (Bill no. 121 of 2011)
Received Ascent of President 29th
August, 2013
HIGHLIGHTS OF THE COMPANIES ACT,
2013
7. NEW CHAPTERS INCLUDED IN
COMPANIES ACT 2013
Chapter Description Chapter Number
Registered Valuers Chapter 17
Government Companies Chapter 23
Companies to Furnish Information or
Statistics
Chapter 25
Nidhis Chapter 26
National Company Law Tribunal &
Appellate Tribunal
Chapter 27
Special Courts Chapter 28
8. CHANGES REGARDING INCORPORATION
RELATING MATTERS
Sr
no
Particular Provisions under
Companies Act 1956
Provisions under
Companies Act
2013
1 Types of Companies Public company
Private company
Public company
Private company
One Person company
2 Maximum no of
members for private
companies
A private company can
have maximum of 50
members
A private company can
have maximum of 200
members
3 One person
company
No provision for OPC New Concept
Introduced
4 Commencement of
business
Provisions applicable to
public limited company
only
Now applicable to all
companies having
share capital
9. The concept of “One Person Company” has been
introduced and the said company will be formed as a
private limited company. This will be called as “OPC
Limited” [Section 2(62)].
A Company may be an OPC having a sole member.
The memorandum of such OPC is required to indicate
the name of the person who shall become member in the
event of death or incapacity of the sole member.
OPC is required to specifically mention the word “one
person company” below the name wherever it is used.
INCORPORATION OF COMPANIES
Continued….
10. Continued….
2013 Act provides additional flexibility to OPC. Some of
the relaxations provided to OPC are as under:
– Cash flow statement is not required.
– Annual Return can be signed by CS or one director if
there is no CS.
– Provisions of board meeting, quorum and interested
director shall not apply to OPC.
– OPC should have minimum 1 director.
– OPC need not hold an AGM.
– Financial Statements can be signed by only one director.
11. OBJECT CLAUSE OF MOA
Provisions under Companies Act
1956
Provisions under Companies Act
2013
Object Clause is bifurcated
into –
Main Objects,
Incidental or Ancillary
Objects and
Other Objects.
MOA to contain the objects for
which the company is
proposed to be incorporated
and any matter considered
necessary in furtherance
thereof.
12. FINANCIAL YEAR
Financial Year in relation to any
company or body corporate, means the
period ending on the 31st day of March
every year in order to align with the
provisions of the income tax act.
(Section 2(41))
13. KEY MANAGERIAL PERSON (KMP)
Companies Act
1956
Companies Act
2013
No provision
except in AS 18
Related Party
Disclosures
Includes:
CEO or MD or Manager;
Company Secretary;
WTD;
CFO; and
Such other officer as may be prescribed
[Section 51]
14. APPOINTMENT OF WHOLE TIME
KMP
Companies Act, 1956 Companies Act, 2013
Public Company having
paid-up capital of Rs.5
Crore or more to have
WTD or MD And Company Secretary
Every Company
belonging to class or
classes of companies as
may be prescribed shall
have KMPs
– MD or CEO or Manager
and in absence of a WTD
– Company Secretary
– Chief Financial Officer
(Sec. 269) (Section 203)
15. DIVIDEND TRANSFER TO RESERVES
Companies Act 1956 Companies Act 2013
No Dividend can be
declared more than 10%
for any F.Y out of the
profits of the company for
that F.Y, except after the
transfer of profit to the
reserves such portion of
profits of the company for
that F.Y, not exceeding
10% of its profits.
A company to transfer
voluntarily a portion of its
profits to the reserves as
consider appropriate,
before declaration of any
dividend. Mandatory
transfer to reserve done
away.
[section 205A(3)] [Section 123
(1)]
16. REGISTERED VALUER
Companies Act 1956 Companies Act 2013
No provision provided for
registered valuer.
When valuation is required to be made
under the Act, in respect of any property,
stocks, shares, debentures, securities or
goodwill or other assets or net worth of
company or its liabilities, such valuation
shall be done by a registered valuer.
[Section 247]
The Central Government shall maintain a
register of valuers.
17. CHANGES REGARDING ISSUE OF SHARES
CAPITAL
Sr
No
Particular Provisions under
Companies Act 1956
Provisions under
Companies Act 2013
1 Issue of Shares
at a discount
Section 79 permits issue of
shares at discount subject
to compliance with
conditions.
Shares, other than sweat
equity shares, cannot be
issued at a discount.
2 Issue of
preference
shares for
more than 20
years
Section 80 prohibits issueof
irredeemable preference
shares and preference
shares Redeemable after 20
years.
Preference shares have to
be redeemed within 20
years of issue except for the
shares issued for prescribed
infrastructure projects,
provided a certain
percentage of shares are
redeemed annually at the
option of shareholders
Continued……..
18. CONTINUED…
Sr
No
Particular Provisions under
Companies Act 1956
Provisions under
Companies Act 2013
4 Notice of
alteration of share
capital
Notice of redemption of
preference shares is not
required to be filed with
ROC.
Company shall file a
notice in the prescribed
form with the Registrar
within a period of thirty
days of redemption of
redeemable preference
shares.
5 Consolidation and
division of shares
Company permitted to
consolidated or sub
divide its shares by
passing
resolution in general
meeting
Consolidation and
division which results in
changes in the voting
percentage of
shareholders shall require
approval of the Tribunal
to be effective.
20. SCOPE OF AUDIT
Scope of auditor enhanced to report on additional
matters such as :
‒the existence and operating effectiveness of internal
financial controls
‒any qualification, reservation and adverse remark relating
to the maintenance of accounts
‒any fraud by officers or employees on the Company
(immediate reporting to CG): is being or has been
committed
Does not provide for audit qualifications to be in
thick/bold or italics
21. AUDITORS
Every company is required at its first annual general meeting
(AGM) to appoint an individual or a firm as an auditor. The auditor
shall hold office from the conclusion of that meeting till
the conclusion of its 6th AGM and thereafter till the
conclusion of every 6th meeting
The appointment of auditor is to be ratified at every AGM.
Individual Auditors are to be compulsorily rotated every 5
years and audit firm every 10 years in listed companies & certain
other classes of companies, as may be prescribed.
Transition period of 3 years provided to the companies to comply
with the mandatory rotation of auditor requirement.
Continued…
22. Continued…
• Internal audit may be made mandatory for prescribed
companies.
• Auditors are restricted from rendering other services
like bookkeeping, accounting etc. directly or indirectly
to the company or its holding company or subsidiary
company.
• The Act provides for new disqualifications of Auditor .
• Auditors can audit maximum 20 Companies including
Private companies .
23. Appointment of Auditor in unlisted companies
Appointment Period of appointment
At first AGM to hold office till conclusion of 6th AGM subject to ratification by
members at every
AGM
Subsequent to hold office till conclusion of 6th meeting, subject to ratification
by members at
every AGM
Appointment of Auditor in listed and specified class of companies
Appointment Maximum period of appointment
Of an individual as an
auditor
1 term of 5 consecutive years
Of an audit firm as an
auditor
2 terms of 5 consecutive years
Cooling off period of 5 years before next appointment
24. Every listed company shall form an Audit Committee.
The Audit Committee shall consist of minimum of three
directors with independent directors forming majority.
Provided that majority of members including the
Chairperson shall be persons with ability to read and
understand the financial statements.
Continued…
26. NATIONAL FINANCIAL REPORTING
AUTHORITY (NFRA)
NFRA to be constituted by CG to provide for dealing
with matters relating to accounting and auditing
policies and standards to be followed by companies and
their auditors.
Functions of NFRA shall include :
Make recommendations to CG on the formulation of
accounting and auditing policies and standards;
Monitor and enforce compliance with accounting and auditing
standards;
Oversee the quality of service of the professions and suggest
measures required for improvement in quality of services and
such other related matters as may be prescribed
27. SECRETARIAL STANDARDS
• For the first time, the Secretarial Standards has been
introduced and provided statutory recognition.
• Clause 118(10) read as:
Every company shall observe Secretarial Standards with
General and Board meetings specified by ICSI.
• Clause 205 casts duty on the Company Secretary to ensure
that the company complies with applicable Secretarial
Standards.
• It is the beginning of a new era where non financial
standards have been given importance statutory
recognition besides financial standards
28. APPOINTMENT OF COMPANY
SECRETARY
CS being a whole-time KMP is to be appointed by a
resolution of the BOD which will also contain the terms
and conditions of appointment including the
remuneration. The functions of CS shall include
– report to BOD about compliance with the
provisions of 2013 Act, the rules made there under
and other laws applicable to the company;
– ensure compliance with the applicable secretarial
standards as may be approved by CG; and
– discharge such other prescribed duties.
29. In December 2008, the Ministry of Corporate Affairs
introduced Voluntary Guidelines on Corporate Governance
which inter-alia prescribed Secretarial Audit.
Now, for the first time Secretarial Audit as been included in
the Act.
Secretarial audit by CS in practice made compulsory for listed
and prescribed class of companies.
Every listed company and prescribed class of companies shall
annex with it’s Board Report a Secretarial Audit Report given
by a Company Secretary in practice, in such a form as may be
prescribed.
SECRETARIAL AUDIT
30. CHANGES REGARDING DIRECTORS AND
THEIR POWERS
In listed and prescribed class or classes of companies, there
should be at least 1 woman director.
At least 1 director of a company shall be a person who
has stayed in India for 182 days or more in the previous
calendar year. Existing companies to comply with this
provision within 1 year from the date of commencement
of the 2013 Act.
Continued…
31. Continued…
The maximum limit of directors in the Company has
been increased to 15 from the 12. Company can appoint
more than 15 directors by passing an special resolution.
A person cannot become directors in more than 20
companies instead of 15 as provided in the Companies
Act 1956 and out of this 20, he cannot be director of
more than 10 public companies.
Contents of Directors’ Report elaborated. Directors to
annually report on the existence and effective
operations of systems on compliance with all applicable
laws
32. INDEPENDENT DIRECTOR
Continued…
Listed co. and prescribed class of public co. to have at least 1/3rd of
its total number of directors as IDs
CG may prescribe minimum number of IDs in case of any class of
public companies.
This requirement is to be complied within 1 year:
By existing listed companies from the commencement of 2013
Act; and
By the prescribed class of public companies from the date Rules
are notified.
The company and independent director are required to abide by
the provisions specified in Schedule IV.
33. Continued..
The company and independent director are required to comply
with the provisions specified in Schedule IV.
An independent director shall hold office for a term up to five
consecutive years on the Board of a company, but shall be eligible
for re- appointment on passing of a special resolution by the
company for another 5 year term. Thereafter 3 years gap.
The Section seeks to provide that an independent director shall not
be entitled to any remuneration, other than sitting fee,
reimbursement of expenses for participation in Board meeting and
profit related commission as approved by the members.
A person cannot be a director, including alternate director, in more
than 20 companies including not more than 10 public companies.
35. NOMINATION AND REMUNERATION
COMMITTEE (NRC)
Companies Act, 1956 Companies Act, 2013
No provision Mandatory in case of listed and other prescribed
classes of companies
Governed by Section 49
of listing agreement
Composition of the committee would include
three or more non-executive directors of which at
least one-half shall be Independent directors.
Shall formulate the criteria for determining
Qualifications, positive attributes and
independence for a director
Shall recommend to the Board a policy, relating
to the remuneration for the directors, key
managerial personnel and other employees
(Section 178)
37. CSR…
Every company having
Net worth of Rupees 500 Crore or more, or
Turnover of Rupees 1,000 Cr or more, or
Net profits of Rupees 5 Cr or more during any FY shall
constitute CSR Committee.
Committee to consist of at least three directors out of
which at least one should be independent director.
CSR Committee shall formulate and recommend policy to
Board, which shall indicate activities to be undertaken by
the company.
Continued...
38. Continued…
Board to ensure that at least 2% of the average net
profits of last 3 years is spent by the company on CSR
activities (Specified in schedule VII) every financial year.
If company fails to spend such amount, reasons for not
spending to be specified in the Board's report signed by
a director and the company secretary, or where there is
no company secretary, by a company secretary in
practice.
39. RESTRICTION ON FURTHER BUYBACK OF
SHARES
Whether Authorised by Board or
Shareholders , No further offer for buy-
back shall be made within a period of
One year from the date of preceding
buy-back.
40. MERGERS & ACQUISITIONS
• Merger of Indian company with a foreign
company allowed.
• Fast track merger for small companies and
between holding company and its wholly owned
subsidiary introduced
• Any valuation of shares / assets etc. required
under 2013 Act to be performed by a Registered
Valuer.
41. NATIONAL COMPANY LAW TRIBUNAL
(NCLT)
2013 Act replaces the High Court with a Tribunal to be
known as NCLT, which will consists of Judicial and
Technical members, as Central Government may deem
necessary, to exercise and discharge the powers and
functions conferred including approval of merger,
corporate reorganization, capital reduction, extension
of financial year etc.
42. RELATED PARTY TRANSACTIONS
Requirement of obtaining Central Government
approval for related party transactions not required
Approval of related party transactions by Board of
Directors at Board meeting made mandatory
Related party transactions to also require prior
shareholder’s approval by special resolution for
companies having prescribed paid up capital or
transactions exceeding prescribed amounts.
Related party transactions to be disclosed in the
Director’s Report along with justification thereof.
43. COMMITTEES OF THE BOARD
Following committees of the Board made
mandatory for listed and prescribed classes of
companies:
– Audit committee
– Stakeholder relationship committee
– Nomination and Remuneration committee
– Corporate Social Responsibility committee
44. LOAN TO DIRECTORS
No company shall directly or indirectly advance any
loan (including loan represented by a book debt) or give
guarantee or provide security in connection with such
loan to any director / related persons.
- An exception to the above rule is made for MD or a whole time
director (WTD) if such loan is in accordance with the terms of
services extended to all employees or is approved by
shareholders by special resolution
Provisions for loan to directors are also applicable to
private companies
45. WINDING UP OF A COMPANY
Certain criteria for winding-up by NCLT deleted like minimum
number of members falling below prescribed limit, non-
commencement of business for 1 year etc.
Additional grounds provided for winding-up.
Winding up can be ordered if NCLT is of the opinion
that:
– affairs of the company have been conducted in a
fraudulent manner;
– company was formed for fraudulent and unlawful
purpose;
– the persons concerned in the formation or
management of its affairs have been guilty of
fraud, misfeasance or misconduct in connection
therewith.
46. MISCELLANEOUS
Inability to pay debts will be considered as criteria for
determining a sick company
Central Government to establish Serious fraud
investigation office for investigation of frauds relating
to a company
Credit rating made mandatory for acceptance of public
deposits
Time gap between 2 buy-backs shall be minimum 1
year.
Now all types of charge would be required to be
registered,.
47. PROVISIONS CITED IN COMPANIES ACT-
2013 FOR BETTER GOVERNANCE
New Provisions for Better Governance:
Requirement to constitute Remuneration and Nomination Committee and Stakeholders.
Grievances Committee.
Granting of More powers to Audit Committee.
Specific Section pertaining to duties of directors.
Mode of appointment of Independent Directors and their tenure.
Code of Conduct for Independent Directors.
Rotation of Auditors and restriction on Auditor's for providing non-audit services.
Enhancement of liability of Auditors.
48. Why worry and have wrinkles
When you can smile and have
Than
k
You..