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(2016) Report of the Companies Law Committee

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(2016) Report of the Companies Law Committee Report of The Companies Law Committee February 2016 Ministry of Corporate Affairs Government of India THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK 1 TABLE OF CONTENTS Table of Contents ................................................................................................................................ 1 Acknowledgements ..................................................................................................................... 5 Background ................................................................................................................................. 7 1. Introduction ............................................................................................................................ 7 2. Working Process of the Committee ........................................................................................ 8 3. Structure And Overview of the Report ................................................................................. 11 PART I Recommendations Proposing Amendments to the Act ................................................................ 14 1. Definitions ............................................................................................................................. 14 2. Incorporation of Companies ................................................................................................. 23 3. Prospectus and Allotment of Securities ................................................................................ 25 4. Share Capital and Debentures .............................................................................................. 29 5. Acceptance of Deposits by Companies ................................................................................. 30 6. Registration of Charges ......................................................................................................... 31 7. Management and Administration ......................................................................................... 32 8. Declaration and Payment of Dividend .................................................................................. 38 9. Accounts Of Companies ........................................................................................................ 39 10. Audit and Auditors ................................................................................................................ 46 11. Appointment and Qualifications of Directors ....................................................................... 51 12. Meetings of Board and its Powers ........................................................................................ 56 13. Appointment and Remuneration of managerial personnel ................................................. 62 14. Inspection, Inquiry And Investigation ................................................................................... 66 15. Compromises, Arrangements and Amalgamations .............................................................. 66 16. Prevention Of Oppression And Mismanagement ................................................................. 67 17. Registered Valuers ................................................................................................................ 67 18. Removal Of Names Of Companies From The Register Of Companies .................................. 67 19. Companies Authorised to Register under this Act ................................................................ 67 20. Companies Incorporated outside India ................................................................................ 68 21. Government Companies ....................................................................................................... 68 22. Registration Offices And Fees ............................................................................................... 69 23. Companies To Furnish Information Or Statistics .................................................................. 70 24. Nidhis .................................................................................................................................... 70 25. National Company Law Tribunal and National Company Law Appellate Tribunal ............... 70 1 26. Special Courts ........................................................................................................................ 70 27. Miscellaneous ....................................................................................................................... 71 28. Penalties ................................................................................................................................ 71 29. Revival & Rehabilitation, and Winding Up ............................................................................ 80 PART II Recommendations Proposing Amendments to the Rules ............................................................ 81 1. Companies (Specifications of Definitions Details) Rules, 2014 ............................................. 81 2. Companies (Incorporation) Rules, 2014 ............................................................................... 81 3. Companies (Prospectus and Allotment of Securities) Rules, 2014 (PAS Rules) .................... 85 4. Companies (Share Capital And Debenture) Rules, 2014....................................................... 86 5. Companies (Acceptance Of Deposit) Rules, 2014 ................................................................. 89 6. Companies (Registration Of Charges) Rules, 2014 ............................................................... 91 7. Companies (Management And Administration) Rules, 2014 ............................................... 91 8. Companies (Declaration And Payment Of Dividend) Rules, 2014 ........................................ 95 9. Companies (Accounts) Rules, 2014 ....................................................................................... 96 10. Companies (Audit & Auditors) Rules, 2014 .......................................................................... 99 11. Companies (Appointment And Qualification Of Directors) Rules, 2014............................... 99 12. Companies (Meetings Of Board And Its Powers) Rules, 2014 ............................................ 101 13. Companies (Appointment And Remuneration Of Managerial Personnel) Rules, 2014 ..... 103 14. Companies (Authorised To Register) Rules, 2014 ............................................................... 103 15. Companies (Registration Of Foreign Companies) Rules, 2014 ........................................... 104 16. Companies (Registration Offices And Fees) Rules, 2014 .................................................... 105 17. NIDHI Rules, 2014 ............................................................................................................... 105 18. Companies (Miscellaneous) Rules, 2014 ............................................................................ 106 Annexures Annexure I: Copy of Order Constituting the Companies Law Committee ................................... 107 Annexure II: Chapter wise break up of suggestions received ...................................................... 108 Annexure III: Summary of Proposed Changes .............................................................................. 111 List of Abbreviations ....................................................................................................................... 134 2 3 THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK 4 ACKNOWLEDGEMENTS The Committee takes this opportunity to thank all the stakeholders who have contributed by way of responses/suggestions on the dedicated facility set up on the MCA21 portal for inviting comments for assisting the Committee. The Committee also acknowledges and places on record the valuable comments/suggestions made by Industry Chambers, Professional Institutes, law firms, academicians and other experts. The Committee expresses gratitude to the members of the six Groups set up by the Committee who contributed immensely by participating in various meetings of the Group and expressed insights on complex company law issues. Vidhi Centre for Legal Policy (Vidhi) provided support through analysis of various issues in the light of international best practices on the matter which proved to be very useful to the Committee. The Committee appreciates the support provided by Vidhi. The Committee is grateful to MCA, ICAI and ICSI for providing logistic support and space for the meetings of the Committee. The Committee would like to make a special mention of the dedicated efforts put in by the team of officers of the Policy Division of Ministry of Corporate Affairs for collating the suggestions received, facilitating discussions in the meeting and providing administrative & technical support. ****** 5 THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK 6 BACKGROUND 1. INTRODUCTION 1.1 The enactment of the Companies Act, 2013 (the “Companies Act, 2013” or the “Act”) was one of the most significant legal reforms in India in the recent past, aimed at bringing Indian company law in tune with global standards. The Act incorporated recommendations made by various committees, such as the Naresh Chandra Committee, Dr. J J Irani Committee, Vepa Kamesan Committee, etc. It also went through a rigorous review process in the Parliament after being first tabled as a Bill in 2009. The Parliamentary Standing Committee on Finance examined the Bill twice, during which extensive public consultations were also held. 1.2 The notification
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