The Ministry of Corporate Affairs, on 5th June released notification granting various relaxations to private companies, Section 8 companies, Nidhi Companies and Government companies.
Section 8 companies of Companies Act, 2013 (Section 25 companies of Companies Act, 1956) are the companies which
1. have as their object the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment and such other objects,
2. intend to apply their profits or income in promoting their objects and
3. intend to prohibit payment to dividends to their members.
Under the Companies Act, 1956 (“Old Act”), the Companies registered under the erstwhile Section 25 of the Old Act enjoyed non applicability of certain specific provisions of the Companies Act, 1956. However in the Companies Act, 2013 (“New Act”), these exemptions had stood withdrawn and these Companies were treated at par with other Public or Private Companies. The recent notification, has granted certain exemptions to Section 8 Companies. This article will provide you with an overview of the exemptions granted, to Section 8 Companies, from the applicability of certain provisions of the New Act.
Articles on "Companies Act 2013"
Exemptions from compliances to Section 8 Companies u/s 462
Date posted: Saturday 20 June 2015
Laws:Companies Act 2013, Exemptions
Exemptions from compliances to Private Companies u/s 462
Date posted: Saturday 13 June 2015
Laws:Companies Act 2013
Companies Act, 2013, when introduced, brought major changes in compliances for private companies. Large number of the compliances were added for private companies under the Companies Act, 2013 (“the Act”), as compared to the compliances under the Companies Act, 1956. This resulted into conversion of many private companies into LLPs. To overcome these difficulties faced by private companies, the Ministry of Corporate Affairs has issued exemption Notification dated 05/06/2015 under section 462 of the Companies Act, 2013 providing necessary exemptions to private company other than subsidiary of public companies from the provisions of Companies Act, 2013. This article shall provide a summary of the exemptions introduced.
New concepts introduced in Companies Act, 2013
Date posted: Saturday 11 April 2015
Laws:Companies Act 2013
This article describes in detail the new concepts introduced in the Companies Act, 2013. The new concepts covered under this article are
1. Associate Company,
2. Dormant Company,
3. Rotation of Auditors,
4. Secretarial Audit.
E-voting under Companies Act, 2013
Date posted: Friday 3 April 2015
Laws:Companies Act 2013
With the dawn of electronic age, where the distances around the world have been compressed by the use of internet, the Companies Act, 2013 has acknowledged the need to bring the advantage of technology to voting system of companies in order to enable the shareholders to be active in the decision making of the company. It has mandated e-voting, wherein a shareholder can vote on the resolutions of a meeting without even being present at the general meeting, from a remote location.
The rules relating to provisions of e-voting were notified on 23rd June, 2014. Now, MCA, on 19th March, 2015, has now come out Companies (Management and Administration) amendment rules, 2015 revising the procedure pertaining to e-voting.
Acceptance of Deposits under Companies Act, 2013
Date posted: Saturday 28 February 2015
Laws:Companies Act 2013
With the various changes incorporated in the Companies Act, 2013, one of the major changes is the mechanism for acceptance of deposits. While earlier these laws applied only to a public company, under the Companies Act, 2013, they shall be applicable to public as well as private companies. This article discusses the provisions of the Companies Act, 2013 regarding Acceptance of Deposits.