What is the 2017 Amendment Bill for Companies?
The 2017 Companies (Amendment) Bill, which aims to bring in substantive amendments to the 2013 Companies Act. It aims to enhance the quality of corporate governance, initiates stern action against defaulting companies, and help boost the country's ease of doing business...
Some of the key amendments introduced in Companies Amendment Bill, 2017 are:
Instead of affidavits, a declaration would be required for the incorporation of the company.
In the case of a new company, the name reservation is valid for 20 days from the date of approval, instead of 60 days from the date of application.
The Unlisted Company's Annual General Meeting (AGM) can be held anywhere in India.
Each company must have its registered office within 30 days of incorporation, rather than the current requirement to have its registered office within 15 days.
The ROC shall be informed of any improvement in the situation of the registered office within 30 days instead of 15 days, as currently given.
Sweat equity shares can be issued at any time when they can currently be issued after 1 year from the start of business.
In addition to Directors & KMP, business documents may also be authenticated as approved by any employee of the organization.
EGM will now be retained outside India by a wholly owned subsidiary (WOS) of a corporation incorporated outside India.
No Govt Central. The approval required for payment of remuneration above 11% of Net Profit is required.
Govt. key. Any other number may be given to be viewed as DIN-like Aadhar or PAN.
The obligation to file Form DIR 11 (Filing by the Director himself of a copy of a resignation to the ROC) has been made optional.
Eligibility to be calculated on the basis of the preceding "Financial Year" rather than "3 preceding Financial Year" for CSR.
The provision concerning the annual ratification of the members' appointment of an auditor is omitted.
The debit or credit balance of the profit and loss account is included in the estimation of the company's net worth.
Disclosures given in the financial statement are not expected to be replicated again in the report of the Board.
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