Ready Reckoner on Companies 2nd Amendment Act, 2017 By CS Prem Munjal



Serial No.

Section of the Principal Act

Date of Commencement

Corresponding
Provision of Companies Amendment Act 2017

Amendment type

1

2(6)

7th May 2018

2 (i)

 

2

2(28)

9th February 2018

2 (ii)

 

3

2(30)

9th February 2018

2 (iii)

 

4

2(41)

9th February 2018

2 (iv)

 

5

2(46)

9th February 2018

2 (v)

 

6

2(49)

9th February 2018

2 (vi)

 

7

2(51)

9th February 2018

2 (vii)

 

8

2(57)

9th February 2018

2 (viii)

 

9

2(71)

9th February 2018

2 (ix)

 

10

2(72)

9th February 2018

2 (x)

 

11

2(76)

9th February 2018

2 (xi)

 

12

2(85)

9th February 2018

2 (xiii)

 

13

2(87)

7th May 2018

2 (xiii)

 

14

2(91)

9th February 2018

2 (xiv)

 

15

3A

9th February 2018

3

 

16

4(5)(i)

26th January 2018

4

 

17

7(1)(c)

 

5

Substituted

18

12(1)

 

6

Substituted

19

12(4)

 

6

Substituted

20

21

9th February 2018

7

 

21

26

7th May 2018

8

 

22

35

9th February 2018

9

 

23

42

 

10

Substituted

24

47

9th February 2018

11

 

25

53

9th February 2018

12

 

26

54(1)(C)

7th May 2018

13

 

27

62

9th February 2018

14

 

28

73

15th August 2018

15

 

29

74

15th August 2018

16

 

30

76A

9th February 2018

17

 

31

77

7th May 2018

18

 

32

78

7th May 2018

19

 

33

82

5th July 2018

20

 

34

89

7th May 2018

21

 

35

90

13th June 2018

22

 

36

92

7th May 2018

23

 

37

93

13th June 2018

24

 

38

94

13th June 2018

25

 

39

96

3th June 2018

26

 

40

100

9th February 2018

27

 

41

101

9th February 2018

28

 

42

110

9th February 2018

29

 

43

117

7th May 2018

30

 

44

121

7th May 2018

31

 

45

123

9th February 2018

32

 

46

129

7th May 2018

33

 

47

130

9th February 2018

34

 

48

132

9th February 2018

35

 

49

134 (1) & 134 (3) & 134 3A)

 

36

Substituted, substituted, inserted

50

135 (1, 3, 5)

 

37

Substituted, substituted, substituted

51

136

9th February 2018

38

 

52

137

7th May 2018

39

 

53

139

7th May 2018

40

 

54

140

9th February 2018

41

 

55

141

9th February 2018

42

 

56

143

9th February 2018

43

 

57

147

9th February 2018

44

 

58

148

9th February 2018

45

 

59

149

7th May 2018

46

 

60

152

9th February 2018

47

 

61

153

9th February 2018

48

 

62

157

7th May 2018

49

 

63

160

9th February 2018

50

 

64

161

9th February 2018

51

 

65

164

7th May 2018

52

 

66

165

9th February 2018

53

 

67

167

7th May 2018

54

 

68

168

7th May 2018

55

 

69

173

7th May 2018

56

 

70

177

7th May 2018

57

 

71

178

7th May 2018

58

 

72

180

9th February 2018

59

 

73

184

9th February 2018

60

 

74

185

7th May 2018

61

 

75

186

7th May 2018

62

 

76

188

9th February 2018

63

 

77

194

9th February 2018

64

 

78

195

9th February 2018

65

 

79

196 (3 & 4)

 

66

Inserted, Substituted

80

197 (1, 3, 9, 10, 11, 15, 16, 17)

 

67

Omitted, Omitted, substituted, substituted, Omitted, Inserted, Inserted

81

198 (3, 4)

 

68

Inserted, Omitted

82

200

 

69

Omitted

83

201

 

70

Substituted

84

216

3th June 2018

71

 

85

223

9th February 2018

72

 

86

236

9th February 2018

73

 

87

247

9th February 2018

74

 

88

366

15th August 2018

75

 

89

374

15th August 2018

76

 

90

379

9th February 2018

77

 

91

384

9th February 2018

78

 

92

391

9th February 2018

79

 

93

403

7th May 2018

80

 

94

406

 

81

Substituted

95

409

9th February 2018

82

 

96

410

7th May 2018

82

 

97

411

9th February 2018

83

 

98

412

9th February 2018

84

 

99

435

7th May 2018

85

 

100

438

7th May 2018

86

 

101

439

7th May 2018

87

 

102

440

7th May 2018

88

 

103

441

9th February 2018

89

 

104

446A

9th February 2018

90

 

105

446B

9th February 2018

91

 

106

447

9th February 2018

92

 

107

458

9th February 2018

93

 

  

  1. I hope you also have observed like me the amendment Act contained changes in the form of S-substituted, O-Omitted, M-Modification, I-inserted.
  1. Through the point no 1, I also want to convey that any change; if; happened in the Act/ Rules etc. shall always be in the SOMI form. There will be some provision (s) substituted, inserted, omitted, and modified.
  1. Likewise, in this Amendment Act, there are 35 provisions which have been omitted, 3 provisions are modified, 60 provisions are inserted and 100 provisions have been substituted.
  1. The MCA has issued 6 notifications so far to commenced various sections of the companies 2nd Amendment Act 2017 dated 5th July 2018, 5th July 2018, 13th June 2018, 7th may 2018, 9th February 2018, 23rd January 2018.
  1. There are total 107 sections of the principal Act has been proposed to be amended by way of modifications, omissions, insertion and substitution. There are total 93 sections have been introduced in the Amendment Act. However, the 12 sections of the principal Act yet to be notified by the MCA. Therefore, the MCA may likely to be introduced one or more notification in this context. 
  1. Through the Amendment Act, the Board of the Company also empowered to designate any person as KMP who is in the whole time employment of the Company and also should not below one level of the Director.
  1. The filing of e-form MGT 14, MGT 10 has been done away u/s 93, 94 of the principal Act.
  1. There are also 4 new forms has been introduced to be filed in the context of Beneficiary Owner-Registered Owner relationship.
  1. The new Act has also defined that if an Individual holding not less than 10 % in the Beneficial interest of the company, either alone or together, shall be construed as Significant Beneficial Owner, accordingly, he shall be bound by giving a declaration to the Company in the form of BEN 2.
  1. The Amended Act has also made clear that one person can’t hold dual directorship in the same Company. However, in the earlier, nothing was debarred to hold dual directorships (Alternate Director and Director) at the same point of time.
  1. In the new Act, the concept of casual vacancy has been changed altogether. If the vacancy arising in the office of a director originally appointed at Board meeting shall also be filled at the board meeting, and if casual vacancy arising in the office of a director originally appointed at General Meeting shall be filled at such meeting only.
  1. New e-form DIR 3 KYC has been launched to seek the personal details of the following Directors:
             # To whom DIN has been allotted on or before 31st March 2018
             # DIN under approved status before 31st March 2018
             # Disqualified directors before 31st March 2018
  1. The new Act has also given a huge relief to promoter family. If not less than 90 % of the members, in numbers, of the company, are relatives of the promoters then can exercise a vote on an ordinary resolution to be passed u/s 188 of the principal act.
  1. The new act has also given 6 months’ time to comply with the statutory requirements of the minimum members by insertion of a new section 3A.
  1. The new act has also done away the requirements to file DIR 11 by the resigned director.
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