Search

Union Ministry of Corporate Affairs notified rules for ten more chapters in the new Company Act

Union Ministry of Corporate Affairs notified rules for ten more chapters in the new Companies Act, 2013.

Apr 1, 2014 19:02 IST
facebook IconTwitter IconWhatsapp Icon

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.

image

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.

If you have any Question/Point on the above information, please ask/discuss it in the Current Affairs Group.

Download our Current Affairs & GK app For exam preparation

डाउनलोड करें करेंट अफेयर्स ऐप एग्जाम की तैयारी के लिए

AndroidIOS