Companies(Amendment) Act, 2015 is Today notified by MCA.
Below are the vHIGHLIGHTS of the same.
1. Requirement of min. paid up capital to be do ne away with.
2. Having a Common Seal is not mandatory.
3. Section 11 pertaining to Commencement of Business Certificate to be ommited.
4. Penalty for violation of provision regarding acceptance/invitation of deposits stipulated by inserting section 76A. Min penalty 1 cr Max. 10 cr.
5. Dividend not to be given unless prev.yr losses/dep. not provided in prev. yr are set off from current year profits.
6. Auditor to report fraud/ offence involving prescribed amt. to CG. if the amt. is below it reporting to be done to audit committee/ Board and disclosure in board report.
8. Concept of omnibus approval for RPT by audit committee inserted in section 177.
9. Exemption given under rules of section 185 regarding giving loans to WOS and subsi to be incorporated in section itself.
10. Only ordinary resolution will be reqd for related party transaction.
11. No shareholder approval reqd. in case of RPT b/w holding and WOS if a/c of subsidiary consolidated.
CA Anand Mutha
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