ArticlesCompanies LawLegal Updates

20 Important Aspects with reference to the Companies (Amendment) Act, 2017 !! Drafted by CS Pranit Ponskhe

Drafted by CS Pranit Ponskhe

  1. The Name Reservation Period is of 20 days from the Date of Approval by ROC instead of 60 days.
  2. The Company can issue Sweat equity shares at any point of time.
  3. The AGM of unlisted company can be Conducted at any place all-over the India subject to approval of Members either by Writing or through Electronic Mode.
  4. The EGM company (except wholly owned subsidiary of a company) incorporated outside India can be Conducted at any place all-over India.
  5. Partnership Firm or LLP even with the 2 Partners can be converted into a Company.
  6. The Approval of Central Government for payment of remuneration in excess of 11% of net profits is not required.
  7. The company is not allowed to utilise monies raised by private placement without filing Form PAS- 3 with ROC.
  8. The Approval of members in the immediate next general meeting is mandatory in case of appointment of the director in case of casual vacancy by BOD.
  9. For calculating the limit of directorships in twenty companies, the directorship in the dormant company is not included.
  10. The Members approval by Special Resolution for Borrowing Money is Required if it is more than Paid-up Share Capital + Free Reserves + securities premium.
  11. The Ratification of the appointment of auditors by members at every AGM is not at all required.
  12. Form. MGT-9 i.e. extract of annual return in the Board Report is not Required. The Website link of Annual Return shall be Provided in the Board Report.
  13. Section 93 (Return to be filed with Registrar in case of Promoters stake changes) and Form MGT-10 is Omitted.
  14. The Definition of Interested Director is omitted. (Section 2 (49)).
  15. In case of Incorporation of Company, the declaration by each subscriber will be required to attach instead of affidavit.
  16. Form PAS-3 in case of Private Placement should be filed within 15 days to ROC instead of 30 days.
  17. Form DIR-11 for Resignation of Director is optional.
  18. Section 194 i.e. Prohibition on forward dealings in securities of  the company by the director or key managerial personnel is omitted.
  19. Section 195 i.e. Prohibition on insider trading of securities is Omitted.
  20. The Company shall have registered office of the Company within 30 of its incorporation instead of 15 days.

 

Disclaimer:- This File is only for Knowledge Sharing Purpose. Author has no responsibility for Impact & Consequences of this Information. The Author is not directly or indirectly liable for any damage due to the above information. Do Consult your Professional adviser for Queries.

Show More

Related Articles

2 thoughts on “20 Important Aspects with reference to the Companies (Amendment) Act, 2017 !! Drafted by CS Pranit Ponskhe”

  1. I am very interested in your post about the new and improved way of getting in touch with the rules and regulations. So I want to get emails from you.

    1. Thank you so much for your motivating words.Please provide me with your whatsapp number as well so that Lawyers Connect could send updates on an email and whatsapp both.

Leave a Reply

Your email address will not be published. Required fields are marked *