Post on 02-Dec-2014
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PRESENTATION ON COMPANIES ACT 2013
The companies bill,2012 was passed by Lok sabha on the 18th of December 2012.
Companies act,2013 contains 470 Sections and 7 schedules.
INTRODUCTION
Simplify lawsImprove corporate governanceProvide for better and more powerful
oversightAllow class action suitsEnforce gender equalityEnforce independence of boardsMake spending on CSR de facto mandatoryImprove quality of financial statements.
FEATURES OF COMPANIES ACT 2013
SIGNIFICANT DELETED CONCEPTS
SIGNIFICANT NEW CONCEPTS
ONE PERSON COMPANY
‘One person company’ means a company which has only one person as a member.
Memorandum of one person company shall indicate the name of a person who shall become member, in the event of death of the single member.
The words ‘One person company’ shall be mentioned in brackets below the name of such company, wherever its name is printed, affixed or engraved.
ONE PERSON COMPANY
One person company can be:--Limited by shares--Limited by guarantee--Unlimited company
CAPITAL:--Min: Rs 100000--Max: No limit
Minimum no of directors is only 1
POINTS
COMPANY
KEY MANAGERIAL PERSONNEL
Key managerial personnel , in relation to a company means-
The chief executive officer or managing director
The whole time director The chief financial officer
KE Y MANAGERIAL PERSONS
CLASS ACTION
Right of members, deposit holders or their representatives to file an application before the tribunal for restraining the company from some specified acts.
CLASS ACTION SUITES
A company, other than a public company— Paid up share capital which doesn’t exceed
50 lakh rupees Turnover of which as per its last profit and
loss account does not exceed 02 crore rupees
Not applicable to- A holding company A company governed by any special act
SMALL COMPANY
MEMORANDUM AND ARTICLES OF ASSOCIATION
First AGM- within 9 months of
end of financial year
AGM cannot be held on:
•National holidays
•Outside business hours
MODE OF NOTICE:
Either in writing or electronic
mode
Other AGM -6 months from the
end of financial year
Gap between two AGM’S –
not more than 15 months
Non compliance by company * Fine – Rs.25000 to Rs.500000 * 1 year imprisonment or fine of Rs.10000 to
Rs.100000 or both
PENALTY
COMPANY ACT 1956Private and public
company
A pvt company can have a max of 50 members
Provision is applicable only to public limited companies
Private company,public company and one person company
Pvt. Company can have max of 200 members
Now applicable to all companies having share capital
COMPARISON B/W COMPANIES ACT 2013 AND COMPANIES ACT 1956
COMPANY ACT 2013
CORPORATE SOCIAL RESPONSIBILITY
The companies act,2013 is a progressive and forward looking which promises improved corporate governance norms, enhanced disclosures and transparency , protection of interest of investors and better shareholder democracy.
The new law also transits company secretaries to corporate governance professionals. It brackets them in the category of key mangerial personnel and holds them responsible for implementation of all relevant laws applicable to the companies.
CONCLUSION