Summary of Sections Notified Under Companies Amendment Act 2017

Introduction

Companies Amendment Act 2017 (An Act to further Amend Companies Act, 2013) received the assent of the President of India on 3rd January, 2018. Further on 26th January, 2018 Ministry of Corporate Affairs has notified the enforcement of the provisions of Section 1 and Section 4 of the Amendment Act, 2017. Moreover, Ministry of Corporate Affairs notified 43 Sections with effect from 9th February 2018. Recently on 7th May 2018 certain Sections of the Amendment Act was notified by the Ministry of Corporate Affairs. To know about the sections notified and official Government notification click here.  For complete information visit the Table containing provisions of Companies Act, 2013 as notified up to date and corresponding provisions thereof under Companies Act, 1956.

The Amendments are in respect of the following provisions:

• Load and investments by Company
• Meeting of Board and its powers
• Financial reporting accounts of foreign subsidiaries
• Audit and auditors
• Appointment and qualification of Directors
• Others

The key sections notified were:

• Declaration of dividend (Section 123 of the Companies Act, 2013 (2013 Act)
• Powers and duties of auditors and auditing standards (Section 143 of the 2013 Act)
• Related party transaction (Section 188 of the 2013 Act)

This article covers a summary of recently notified Sections under the Companies Act, 2013 mentioned according to the date of Notification as follow:

With effect from 15^th August 2018 Ministry of Corporate Affairs has notified below mentioned 4 sections of Companies Amendment Act 2017

S. No.	Section No. of Amendment Act, 2017	Section No. of Companies Act, 2013	Particular of Section
1	Section 15	Section 73	Prohibition on Acceptance of Deposits from Public
2	Section 16	Section 74	Repayment of Deposits, etc., Accepted Before Commencement of this Act
3	Section 75	Section 366	Companies Capable of Being Registered
4	Section 76	Section 374	Obligations of Companies Registering Under this Part

With effect from 5^th July 2018 Ministry of Corporate Affairs has notified below mentioned 1 section of Companies Amendment Act 2017

S. No.	Section No. of Amendment Act, 2017	Section No. of Companies Act, 2013	Particular of Section
1	Section 20	Section 82	Company to Report Satisfaction of Charge.

With effect from 13^th June 2018 Ministry of Corporate Affairs has notified below mentioned 5 section of Companies Amendment Act 2017

S. No.	Section No. of Amendment Act, 2017	Section No. of Companies Act, 2013	Particular of Section
1	Section 22	Section 90	Register of Significant beneficial owners in a Company
2	Section 24	Section 93	Return to be filed with Registrar in case promoters’ stake change
3	Section 25	Section 94	Place of Keeping and inspection of registers, returns etc.
4	Section 26	Section 96	Registers, etc. to be evidence
5	Section 71	Section 216	Investigation of ownership of Company

With effect from 7^th May 2018 Ministry of Corporate Affairs has notified below mentioned 28 section of Companies Amendment Act 2017

S. No.	Section No. of Amendment Act, 2017	Section No. of Companies Act, 2013	Particular of Section
1	Section 2 Clause (i) and (xiii)	Section 2	Definitions
2	Section 8	Section 26	Matter to be stated in Prospectus
3	Section 13	Section 54	Issue of Sweat Equity Shares
4	Section 18	Section 77	Duty to Register charge
5	Section 19	Section 78	Application for registration of charge
6	Section 21 Clause (i) (ii)	Section 89	Declaration in respect of beneficial interest in any share
7	Section 23 clause (iii) & (iv)	Section 92	Annual Return
8	Section 30	Section 117	Resolution and agreements to be filed
9	Section 31	Section 121	Report on Annual General Meeting
10	Section 33	Section 129	Financial Statement
11	Section 39	Section 137	Copy of financial statement to be filed with Registrar
12	Section 40	Section 139	Appointment of Auditors
13	Section 46	Section 149	Company to have Board of Directors
14	Section 49	Section 157	Company to inform Director Identification Number to Registrar
15	Section 52	Section 164	Disqualifications for appointment of Director
16	Section 54	Section 167	Vacation of office of Director
17	Section 55	Section 168	Resignation of Director
18	Section 56	Section 173	Meeting of Board
19	Section 57	Section 177	Audit Committee
20	Section 58	Section 178	Nomination and Remuneration Committee and Stakeholders Relationship Committee
21	Section 61	Section 185	Loan to Directors
22	Section 62	Section 186	Loan and investment by Company
23	Section 80 Clause (i) (ii)	Section 403	Fee for Filing etc
24	Section 83	Section 410	Constitution of Appellate Tribunal
25	Section 86	Section 435	Establishment of Special Courts
26	Section 87	Section 438	Application of code of proceedings before special court
27	Section 88	Section 439	Offences to be non-cognizable
28	Section 89	Section 440	Transitional provisions

With effect from 9^th February 2018 Ministry of Corporate Affairs has notified below mentioned 43 section of Companies Amendment Act 2017

S. No.	Section No. of Amendment Act, 2017	Section No. of Companies Act, 2013	Particular of Section
1	Section 2	Section 2	Definitions (except definition of Associate & Subsidiary)
2	Section 3	New Section 3A	Member severally liable in certain cases
3	Section 7	Section 21	Authentication of Documents, Proceeding & Contracts
4	Section 9	Section 35	Civil Liability for mis-statement in prospectus
5	Section 11	Section 47	Voting Right
6	Section 12	Section 53	Prohibition on issue of shares at discount
7	Section 14	Section 62	Further issue of share capital
8	Section 17	Section 76A	Penalty on Deposit
9	Section 27	Section 100	Calling of extra ordinary general meeting
10	Section 28	Section 101	Notice of Meeting
11	Section 29	Section 110	Postal Ballot
12	Section 32	Section 123	Declaration of Dividend
13	Section 34	Section 130	Re opening of accoiunts of courts or tribunals order
14	Section 35	Section 132	Constitution of National financial reporting authority
15	Section 38	Section 136	Right of members to copies of audited financial statement
16	Section 41	Section 140	Removal, resignation of auditor
17	Section 42	Section 141	Eligibility, qualifications and disqualification of auditors
18	Section 43	Section 143	Power and duties of auditors and autiding standards
19	Section 44	Section 147	Punishment for contravention
20	Section 45	Section 148	Central govt. to specify audit of items of cost in respect of certain companies
21	Section 47	Section 152	Appointment of Directors
22	Section 48	Section 153	Application of allotemnt of DIN
23	Section 50	Section 160	Right of persons other than retiring directors to stand for directorship
24	Section 51	Section 161	appointment of additional director, alternate director and nominee director
25	Section 53	Section 165	Number of directorship
26	Section 59	Section 180	Restrictions of power of board
27	Section 60	Section 184	Disclosure of interest by Director
28	Section 63	Section 188	Related party transaction
29	Section 65	Section 195	Prohibition on insider trading of securities
30	Section 64	Section 194	Prohibition on forward dealings in securities  of company by director or key managerial personnel
31	Section 72	Section 223	Inspector’s Report
32	Section 73	Section 236	Purchase of minority shareholding
33	Section 74	Section 247	valuation by registered valuer
34	Section 77	Section 379	Application of act to foreign companies
35	Section 78	Section 384	Debentures, annual return, registered of charge, books of account
36	Section 79	Section 391	Application of section 34 to 36 and chapter XX
37	Section 82	Section 409	Qualification of president and member of tribunal
38	Section 84	Section 411	Qualification of chair person and member of appellate tribunal
39	Section 85	Section 412	Selectionof members of Tribunal and appellate tribunal
40	Section 90	Section 441	Compounding of certain offences
41	Section 91	Section 446	Insertion of new section 446A and 446B
42	Section 92	Section 447	Punishment for fraud
43	Section 93	Section 458	Delegation by central government of its powers and functions

To read about the amendments to the corresponding rules of the parent act read: Companies Amendment Act - Summary of Rules Feel free to talk to our experts at +91 8750008585 or visit our website You can also register here for any kind of assistance regarding your Company.