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Dokmart   01 April 2016

Mca update

The Companies (Removal of Difficulties) Order, 2016

Ministry of Corporate Affairs vide Order No. S.O.1226(E) dated 29.03.2016 issued the Companies (Removal of Difficulties) Order, 2016 whereby the following proviso has been inserted after sub-section (2) of Section 143:

“Provided that until the National Financial Reporting Authority is constituted under section 132, the Central Government may hold consultation required under this sub-section with the Committee chaired by an officer of the rank of Joint Secretary or equivalent in the Ministry of Corporate Affairs and the Committee shall have the representatives from the Institute of Chartered Accountants of India and Industry Chambers and also special invitees from the National Advisory Committee on Accounting Standards and the office of the Comptroller and Auditor-General.

It shall be deemed to have come into force from the 10th April, 2015

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The Companies (Removal of Difficulties) Second Order, 2016

Ministry of Corporate Affairs vide Order No. S.O. 1227(E) dated 29.03.2016 issued the Companies (Removal of Difficulties) Second Order, 2016 whereby the following proviso has been inserted after Section 133:

“Provided that until the National Financial Reporting Authority is constituted under section 132 of the Companies Act, 2013 (18 of 2013), the Central Government may prescribe the standards of accounting or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949 (38 of 1949), in consultation with and after examination of the recommendations made by National Advisory Committee on Accounting Standards constituted under section 210 A of the Companies Act, 1956”.

It shall be deemed to have come into force from the 1st April, 2015

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The Companies (Auditor's Report) Order, 2016

In exercise of the powers conferred by sub-section (11) of section 143 of the Companies Act, 2013, the Ministry of Corporate Affairs vide Order No. S.O. 1228(E) dated 29.03.2016 and after consultation with the, committee constituted under proviso to sub-section (11) of section 143 of the Companies Act, 2013 has amended the Companies (Auditor's Report) Order, 2015 .

This Order may be called the Companies (Auditor's Report) Order, 2016.

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The Companies (Share Capital and Debentures) Second Amendment Rules, 2016

In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Ministry of Corporate Affairs vide Notification No. G.S.R. 358(E) dated 29.03.2016 has amended the Companies (Share Capital and Debentures) Rules, 2014 whereby the following proviso has been inserted  in rule 17, after sub-rule (5).

"Provided that where all members of a company agree, the offer for buy-back may remain open for a period less than fifteen days.

These rules may be called the Companies (Share Capital and Debentures) Second Amendment Rules, 2016.

They shall come into force on the date of their publication in the Official Gazette

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