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RULES UNDER COMPANIES ACT 2013

 

Background 1956 Act

– Outlived utility Entire old Act replaced by new Act Global changes

– move towards IFRS Need for greater accountability and responsibility

• By management

• By auditors  Investor Protection Rule based Stress on avoidance of Corporate Fraud rather than detection Green Initiative – Books can be maintained in electronic form Encouragement to contribute for social cause

Steps towards IFRS

Already introduced Revised Schedule VI (IAS 1) – renamed as Schedule III .

Consolidated Financial Statements made mandatory .

Schedule II for Depreciation prescribes estimated useful life and Component Accounting.

Financial Statements includes Statement of Changes in Equity.

Free reserves excludes profits on account of fair value concept.

Guiding Principles

Compact statute

Enforcement powers and prescribing stringent penalties strengthened

Deleting the redundant provisions

Best Global practices

Simple language

Segregation of procedural aspects from substantive law.

Self Regulation

The control of the Central Government over internal corporate processes largely substituted by shareholder control.

Shareholders democracy recognized.

Reducing excessive intervention of the Central Government.

More mandatory disclosures.

Greater emphasis on protection of shareholder rights.

Various Rules notified

Specification of Definition Details

Incorporation Prospectus and Allotment of Securities

Issue of Global Depository Receipts Share Capital and Debentures

Acceptance of Deposits

Registration of Charges

Management and Administration

Declaration and Payment of Dividend

Accounts Audit and Auditors

Corporate Social Responsibility Policy

Appointment and Qualification of Directors

Various Rules notified

Meeting of Board and its powers

Appointment and Remuneration of Managerial Personnel Inspection,

Investigation and Inquiry

Authorized to Register Registration of Foreign Companies Registration of Offices and Fees Adjudication and Penalties Miscellaneous

Cost Records and Audit

SPECIFICATIONS AND DEFINITIONS DETAIL

– Rules

• Defines various terms used under the Act

• DSC, DIN, EForm, Electronic Mail

• Electronic Mode – means carrying out electronically based – whether main server is located in India or not – Including :

a) B2B, B2C transactions. Data interchange and other digital supply transactions

b) Offering to accept deposits, subscriptions

c) Financial settlements, web based marketing, advisory and transactional services, data base services and products, supply chain management

d) Online services – telemarketing, telecommunications, telemedicine, education and information research

e) All related data communication services

• Conducted by email, mobile devices, social medial, cloud computing, document management, voice or data transmission.

RULES UNDER COMPANIES ACT 2013

RULES UNDER COMPANIES ACT 2013

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