What were the new amendments in Companies Act, 2013 that were not in the act of 1956?
– Companies Act 2013 introduced a new concept which was not there in Companies act 1956 that was “One person company”. – No approval is now required for conversion of the Private company to one person company or vice versa. – No approval is required for conversion of private company into public company.
What is Section 241 of the Companies Act 2013?
Section 241 states that an application to the Tribunal for relief in cases of oppression, etc can be made. Any member of the company can file an application under section 241 subject to fulfilling the requirement under section 244.
What are the changes introduced by company Act 2013?
Companies Act, 2013 A new concept of Corporate Social Responsibility was introduced, it also established a new body National Company Law Tribunal (NCLT) to lessen the burden of the High Courts and simultaneously provide specialized justice.
What is new in Companies Act, 2013?
Key Highlights of Indian Companies Act 2013 The maximum number of members (shareholders) permitted for a Private Limited Company is increased to 200 from 50. One-Person company. Section 135 of the Act which deals with Corporate Social Responsibility. Company Law Tribunal and Company Law Appellate Tribunal.
What is Section 242 of the Companies Act, 2013?
Oppression & Mismanagement | Section 241-246 | Companies Act, 2013
| Sections | Briefing |
|---|---|
| Section 241 | Application to Tribunal for Relief in Cases of Oppression, etc. |
| Section 242 | Powers of the Tribunal |
| Section 243 | The consequence of Termination/ Modification of certain agreements |
| Section 244 | Right to apply to the Tribunal |
Who may apply for relief under section 244?
However, for seeking relief in case of oppression and mismanagement, eligibility requirements as provided under Section 244(1) of the Act must be satisfied by minority member(s) unless otherwise waived off by the Tribunal on application made by member(s).
Which are the three new concepts introduced in 2013 Act?
The 2013 Act also introduces new concepts such as one – Person Company, small company, dormant company and corporate social responsibility (CSR) etc.
What are the main provisions of Companies Act, 2013?
The major highlights of the 2013 Act are given below:
- The maximum number of shareholders for a private company is 200 (the previous cap was at 50).
- The concept of a one-person company.
- Company Law Appellate Tribunal & Company Law Tribunal.
- CSR made mandatory.
What is amended Schedule III under Companies Act 2013?
Amendment In Schedule III under Companies Act 2013. The Ministry of Corporate Affairs, Government of India, issued notifications dated 24 th March, 2021 to amend Schedule III to the Companies Act, 2013 to enhance the disclosures required to be made by the Company in its Financial Statement.
What are the recent changes in Companies Act 2013?
Companies Act 2013 Amendments: (1) More audit disclosures introduced — Rule 11 (d) of the Companies Audit and Auditor Rules, which deals with matters to be included in an Auditor’s Report have been amended. Now Auditors Report must also mention: (i) Whether Dividend paid or declared during the year complies with Sec. 123 of the CA 2013 or not.
What are the changes to companies Accounts Rules 2014?
(2) Companies Accounts Rules, 2014 have been amended. From April 01, 2021 Companies can only use an Accounting Software package which provides non-tamper able facility of Audit Trail and Audit Log for each and every transaction. (3) Ss. 23 and 45 of CAA, 2020 notified.
What is the amendment for use of accounting software having audit trail?
Amendment for use of Accounting Software having Audit Trail (i) Now all companies are “mandatory” required to use accounting software having audit trail of each transaction besides the original transactions were rectified or deleted. This requirement is applicable from April 01, 2021.