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Allied Law Summary Notes Amendments for Nov 2017 exam
Allied Law Summary Notes – Law is a system of rules that are enforced through social institutions to govern behaviour. Laws can be made by legislatures through legislation (resulting in statutes), the executive through decrees and regulations, or judges through binding precedent(normally in common law jurisdictions). Private individuals can create legally binding contracts, including (in some jurisdictions) arbitration agreements that may elect to accept alternative arbitration to the normal court process. The formation of laws themselves may be influenced by a constitution (written or unwritten) and the rights encoded therein. The law shapes politics, economics, history and society in various ways and serves as a mediator of relations between people.
Allied Law Summary Notes
Allied Law Summary Notes | Amendments Details
There has been few new Notifications and Circulars from SEBI and FEMA, which has resulted in these amendments in Allied Law Syllabus. Most of these Notifications are released last year, and therefore has already been made applicable for the previous attempt.
| S.No | Amended Provision / Section | Relevant Notification |
| 1 | The SEBI (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015 | Notification No. SEBI/LAD-NRO/GN/2015- 16/012, dated 14th August 2015 |
| 2 | The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Seventh Amendment) Regulations, 2015. | SEBI Notification No. SEBI/ LADNRO/GN/2015-16/025 dated 27th October |
| 3 | The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2016 | Notification No.SEBI/LADNRO/GN/2015-16/036, dated 17th February, 2016 |
| 4 | Master Direction – Liberalised Remittance Scheme (LRS) | Notification no. RBI/FED/2015-16/3, dated 1st January, 2016 |
| 5 | Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 | Notification No. FEMA 23(R)/2015-RB, dated 12th January 2016 |
| 6 | Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015 | Notification No. FEMA. 345/2015-RB dated 16th November 2015 |
| 7 | Central Government Power to exempt the ‘Group’. | Notification no. S.O. 673(E), dated 4th March, 2016 |
| 8 | Central Government Power to exempt the ‘Enterprise’ | Notification no S.O. 674(E), dated 4th March, 2016 |
| 9 | Revised limit for purpose of combinations under section 5 of the Competition Act, 2002 | Notification no S.O. 675(E), dated 4th March, 2016 |
Amendments in CA Final Company Law
Amendment in Section 124 & 125
The Ministry of Corporate Affairs has implemented few changes in the Companies Act, 2013 in the recent days. Due to this, ICAI has amended few sections and provisions in the Companies Act part.
Section 124 of the Companies Act, 2013 deals with the provisions related to management of the unpaid dividend account.
Section 125 of the Act deals with the Investor Education and Protection Fund (IEPF). This fund shall be utilized for refund of unclaimed and unpaid amounts, promotion of investors awareness and protection of the interests of investors etc. in accordance with provisions of section 125 of the Companies Act, 2013.
Students are recommended to carefully go through each and every amendment, as these are very important for exam point of view.
| S.No | Amended Provision / Section | Relevant Notification |
| 1 | Enforcement of Sections 13 & 14 of the Companies (Amendment) Act, 2015 | Notification no. S. O. 3388(E), dated 14th December, 2015 |
| 2 | The Companies (Audit and Auditors) Amendment Rules, 2015 | Notification G.S.R. 972(E) dated 14th December 2015 |
| 3 | The Companies (Meetings of the Board and its Powers) Second Amendment Rules, 2015 | Notification G.S.R. 971(E) dated 14th December, 2015 |
| 4 | Delegation of powers to the Regional Directors under section 208 of the Companies Act, 2013 which deals with the submission of report on inspection by Registrar/ Inspector to the Central Government . | Notification S.O. 3557(E) dated 31st December 2015 |
| 5 | Enforcement of the certain Sub-sections of section 125 of the Companies Act, 2013 which deals with the Investor Education and Protection Fund. | MCA Notification no. S.O. 125(E) dated 13th January 2016 |
| 6 | The Companies (Removal of Difficulties) Order, 2016 | MCA Order no. S.O. 1226(E), dated 29th March, 2016 |
| 7 | The Companies (Removal of Difficulties) Second Order, 2016 | Order no. S.O. 1227(E) dated 29th March, 2016 |
| 8 | The Companies (Auditor’s Report) Order, 2016 | MCA vide Order no. S.O. 1228(E) dated 29th March, 2016 |
| 9 | Amendments in the Schedule III of the Companies Act, 2013 | Notification G.S.R. 404(E) dated 6th April, 2016 |
| 10 | Clarification with regard to Companies (Accounting Standards) Amendment Rules 2016 | General Circular no. 04/2016 dated 27th April, 2016 |
| 11 | Delegation of powers by Central Government to Regional Directors with respect to appointment of inspectors under section 206(5) of the Companies Act, 2013. | Notification dated 29th April, 2016 |
CA Final Company Low Syllabus Contents:(70 marks)
1. The Companies Act, 1956, Rules and Regulations thereunder in its entirety with specific reference to
(a) Accounts and audit
(b) Dividend
(c) Directors – powers, managerial remuneration
(d) Meetings, powers of the Board and related party transactions
(e) Inspection and Investigation
(f) Compromises, Arrangements and Reconstructions
(g) Prevention of Oppression and Mismanagement
(h) Revival and Rehabilitation of Sick Industrial Companies
(i) Corporate Winding up and Dissolution
(j) Producer Companies
(k) Companies incorporated outside India
(l) Offences and Penalties
(m) E-governance
2. Corporate Secretarial Practice – Drafting of Resolution, Minutes, Notices and Reports
Section B: Allied Laws (30 Marks)
Objective: To develop ability to analyse the requirements of laws stated in the Section.
CA Final Allied Laws Syllabus Contents:
3. An overview of the following laws –
(a) The Securities and Exchange Board of India Act,1992, Rules, Regulations and Guidelines issued there under.
(b) The Securities Contracts (Regulation) Act, 1956
(c) The Foreign Exchange Management Act, 1999
(d) The Competition Act, 2002
(e) The Banking Regulation Act, 1949, The Insurance Act, 1938. The Insurance Regulatory and Development Authority Act, 1999, The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
(f) The Prevention of Money Laundering Act, 2002
4. Interpretation of Statutes, Deeds and Documents.
Scroll down and Download Allied Law Summary Notes on Two Chapters containing Prevention Of Money Laundering Act 2002
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Allied Law Summary Notes for Nov 2017 exam
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