Union Ministry of Corporate Affairs notified rules for ten more chapters in the new Companies Act, 2013. The new Companies Act, 2013 that was passed by the Parliament in August 2013 came into effect on 1 April 2014. The new companies act includes 29 chapters, 7 Schedules and 470 Sections.
On 26 March 2014, more than 180 sections were notified. Whereas on 27 March 2014, rules pertaining to the registration charges, board meetings and its powers, appointment and qualification of directors, accounts, management and administration, declaration and payment of dividend were notified.
All the 7 Schedules were notified earlier. In February 2014, the Union Ministry of Corporate Affairs notified rules for Corporate Social Responsibility. The new rules mandates that
Companies having huge profits would have to spend at least 2 % of profits on the CSR activities which in turn would be used for the benefits of the society.
Notifications related to National Financial Reporting Authority, sick companies, Investor and Education Protection Fund, special courts and National Company Law Tribunal will be notified later.
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When: 31 March 2014