Here are major highlights of companies amendment act 2017






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A company is now required to deposit a sum equivalent to 20% of the deposits maturing the following financial year in a separate bank account called the deposit repayment reserve account maintained with a scheduled bank, by the 30th of April each year. The Amendment provides an additional restriction by requiring that no funds be utilised until the requisite filings have been made with the Registrar. Discussions on, or arising out of this, blog between contributors and other persons shall not create any attorney-client relationship.
Postings on this blog are for informational purposes only. Section 295 of the 1956 Act was the corresponding provision to Section 185 of the 2013 Act. Now, the Amendment proposes to bifurcate the regulatory framework into two categories: the first contemplating certain transactions which are prohibited and another consisting of transactions which may be permitted, subject to approval of the shareholders by way of a special resolution passed at a general meeting.
Anon the Act provides for control of at least 20% total share capital. The Amendment makes significant changes to the CA13 which seeks to realign many provisions aimed at ease of doing business in India, better corporate governance and strengthening compliance and investor protection. · It is proposed that right sol offer letter can be sent through courier also. However, if any application is made concerning the change of name of a company, the name will be reserved for 60 days from the date of approval. A completely new section 185 is proposed. The Companies Amendment File, 2017 passed by Lok Sabha on July 27, 2017, received the assent of Rajya Sabha on December 19, 2017. This article aims to provide an overview of the section wise amendments proposed in the Companies Act, 2013. Currently it is calculated in reference to previous calendar year; · Con Government can provide any other number to be treated as DIN; · Maximum number of directorship for any person will not include dormant company; · Requirement of filing form DIR-11 filing of a copy of resignation to ROC by director itself made optional; · Where a director incurs any of disqualifications under north 164 2 due to default of filing of financial statements or annual return or repayment of deposits or pay interest or redemption of debentures or payment of interest thereon or payment of dividend, then he shall vacate office in all the companies other than the company which is in note. 
Companies (Amendment) Act 2017 - Both baskets have similar exemptions as were available under the existing position of the 2013 Act.
Companies Amendment Act 2017 : BRIEF SUMMARY The Companies Amendment Act 2017, introduced in Lok Sabha on 16 March, 2016 as The Companies Amendment Bill, 2016 was referred to the Standing Committee on Finance on 12 April, 2016. The Committee after hearing the views of the representatives of the Chambers of Commerce and Industry as well as professional bodies adopted its report on 30th November, 2016. The Government after considering the suggestions of the Committee and also the experience gained by it, gave notice of amendments as approved by the Cabinet to the Lok Sabha. The Companies Amendment Bill, 2017 passed by Lok Sabha on July 27, 2017, received the assent of Rajya Sabha on December 19, 2017. Companies Amendment Act 2017 The major amendments proposed include simplification of the private placement process, rationalization of provisions related to loan to directors, omission of provisions relating to forward dealing and insider trading, doing away with the requirement of approval of the Central Government for managerial remuneration above prescribed limits, aligning disclosure requirements in the prospectus with the regulations to be made by SEBI, providing for maintenance of register of significant beneficial owners and filing of returns in this regard to the ROC and removal of requirement for annual ratification of appointment or continuance of auditor. The major official amendments subsequently introduced include continuing with the provisions relating to layers of subsidiaries, continuing with the earlier provisions with respect of memorandum, making offence for contravention of provisions relating to deposits as non-compoundable, requiring attaching of financial statement of associate companies, stringent additional fees of Rs 100 per day in case of delay in filing of annual return and financial statement etc. This Article aims to provide an overview of the section wise amendments proposed in the Companies Act, 2013. Companies Amendment Act 2017 : Key Highlights 1. · Sweat Equity Shares can be issued at any time. Currently it can be issued after on