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Other Applicable Laws on the Company

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Other Applicable Laws on the Company ALL OTHER APPLICABLE LAWS ON THE COMPANY ASHOK TYAGI FCS-2968 [email protected] 9810070575 OTHER LAWS Reference of Other Laws Section 134(5)(f) of the Companies Act, 2013 provides that The Directors’ Responsibility Statement shall state that the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. Section 205 of the Act states that The functions of the Company Secretary shall include to report to the Board about compliance with the provisions of this Act, the rules thereunder and other laws applicable to the Company. Format of the Secretarial Audit Report (MR-3) also talks about mentioning other laws as may be applicable specifically to the Company. CATEGORISATION OF OTHER LAWS GENERAL LAWS INDUSTRY SPECIFIC LAWS General laws are usually applicable to all Companies. Some of them are enlisted below: Income Tax Act, 1961 and Rules made there under; Payment of Gratuity Act, 1972; Central Sales Tax Act, 1956 as amended from time to time and Rules made there under; Employees State Insurance Act, 1952 and Rules made there under; The Maternity Benefit Act, 1961 and Rules made there under; The Finance Act, 2004 and Service Tax Rules; Wealth Tax Act, 1957; Employees Provident Fund and Miscellaneous Provisions Act, 1952; Environment Laws; Various Labour Legislations. INDUSTRY SPECIFIC LAWS Industry Specific Laws differ from Industry to Industry depending upon the area and type of work into which an industry is operating. Tentative List of laws applicable on different Industries are enlisted below: REAL ESTATE SECTOR The Indian Contract Act, 1872; The Transfer of Property Act, 1882; The Indian Registration Act, 1908; The Specific Relief Act, 1963; The Land Acquisition Act, 1894; The Indian Stamps Act, 1899; The Co-operative Societies Act,1912; Building And Other Construction Workers (Regulation Of Employment and Conditions Of Service) Act, 1996; * The Building And Other Construction Workers (Regulation Of Employment And Conditions Of Service) Central Rules, 1998 and The Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Central (Amendment) Rules, 2015; * The Building And Other Construction Workers' Welfare Cess Act, 1996. AVIATION INDUSTRY Aircraft Act, 1934; Aircraft Rules, 1937; Aircraft Public Health Rules, 1954; Unlawful Seizure Against Safety of Civil Aviation Act, 1982; Anti-hijacking Act, 1982; Anti-hijacking (Amendment) Act, 1994; Air Corporations (Transfer of undertakings and Repeal) Act, 1994; The Suppression of unlawful acts against safety of Civil Aviation Act, 1982; Aircraft Security Rules, 2011; The Aircraft (Carriage of Dangerous Goods) Rules, 2003. BANKING SECTOR Reserve Bank of India Act, 1934; The Banking Regulation Act, 1949; The Banking Regulation (Companies) Rules, 1949; Prevention of Money Laundering Act, 2002; Negotiable Instrument Act, 1881; The Bankers' Books Evidence Act, 1891; The Banking Companies (Legal Practitioners' Clients' Accounts) Act,1949; The State Financial Corporations Act, 1951; The Deposit Insurance and Credit Guarantee Corporation Act, 1961; The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. FOOD SECTOR Essential Commodities Act, 1955 (in relation to food); Export Quality Control and Inspection Act, 1963; National Food Security Act, 2013; Food Safety & Standard Act, 2006; Food Safety and Standards Rules, 2011; Food Safety And Standards (Packaging And Labelling) Regulations, 2011; Food Safety And Standards (Licensing And Registration Of Food Businesses) Regulations, 2011; Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011; Food Safety and Standards (Contaminants, toxins and Residues) Regulations, 2011; Indian Fisheries Act, 1897 and Amendments till date. POWER SECTOR Electricity Act, 2003 & The Electricity Rules, 2005; Indian Electricity Rules, 1956; Energy Conservation Act, 2011; The Central Electricity Authority (Installation and Operation of Meters) Regulations, 2006; Central Electricity Authority (Safety requirements for construction, operation and maintenance of electrical plants and electric lines) Regulations, 2011; Central Electricity Authority (Technical Standards for Construction of Electrical Plants and Electric Lines) Regulations, 2010. OIL AND GAS SECTOR Petroleum And Natural Gas (Safety In Offshore Operations) Rules, 2008; THE PETROLEUM ACT, 1934*; PETROLEUM RULES, 1976 AND AMENDMENTS THERETO* ; The Petroleum Amendment Act, 2011; THE Oilfields (Regulation And Development) Act, 1948; The Petroleum Mineral Pipelines (Acquisition Of Right Of User In Land) Act, 1962; The Oil Industry (Development) Act, 1974; THE Petroleum And Natural Gas Rules, 1959 And Amendments thereto; The Petroleum & Natural Gas Regulatory Board Act, 2006 Oil Fields (Regulation And Development) Act, 1948. DETAILED DISCLOSURES PETROLEUM ACT, 1934 & Rules, 2002 Rule 14 of Petroleum Rules, 2002 License for import of Petroleum Petroleum, other than petroleum which may be stored without a license under Sections. 7, 8 and 9 of the Act, shall not be imported into India except under a license granted under these rules. Inclusion in AUDIT REPORT Whether the Company has taken appropriate License or not? Rule 20 of Petroleum Rules, 2002 Permission of Collector of Customs to land petroleum- (Imported by sea) No imported petroleum shall be landed except with the permission of the Collector of Customs. If the Collector of Customs after receiving (a) of the testing officer's report on the petroleum; (b) the certificate of storage accommodation in Form 11 if required under rule 19; The license or an authenticated copy of the license if required under rule 19, and after making such further enquiries as he deems necessary, is satisfied that the petroleum can be lawfully imported and that there is suitable accommodation for it, he shall permit it to be landed. If the Collector of Customs is satisfied that any petroleum imported otherwise than in bulk is not intended to be stored in India but is intended to be dispatched immediately after landing to any place outside India, he may waive the requirements of rules 14 and 19 and by written order permit subject to such conditions as he may specify such petroleum to be landed for the purpose of immediate dispatch to that place. Nothing in this rule shall affect the power of the Collector of Customs to detain the petroleum under any other law or rule for the time being in force. Inclusion in AUDIT REPORT Whether the required permission under the Act from the Collector has been taken or not? Section 27 of the Petroleum Act, 1934 Notice of accidents with petroleum Whenever there occurs in or about, or in connection with, any place in which petroleum is refined, blended or kept, or any carriage or vessel either conveying petroleum or on or from which petroleum is being loaded or unloaded, any accident by explosion or by fire as a result of the ignition of petroleum or petroleum vapour attended with loss of human life or serious injury to person or property, or of a description usually attended with such loss or injury, the occupier of the place or the person for the time being in charge of the petroleum or the person in charge of the carriage or the master of the vessel, as the case may be, shall, within such time and in such manner as may be prescribed, give notice thereof and of the attendant loss of human life, or injury to person or property, if any, to the nearest Magistrate or to the officer-in-charge of the nearest police station and to the Chief Controller of Explosives. Rule199 of Petroleum Rules, 2002 Notice of accident The notice of an accident required to be given under Sec. 27 of the Act shall be given forthwith- (a) to the Chief Controller by telegram (Telegraphic address- "EXPLOSIVES", NAGPUR) followed with 24 hours by a letter giving particulars of the occurrence, and (b) to the officer-in-charge of the nearest police station by the quickest means of communication. Pending the visit of the Chief Controller or his representative, or until instruction is received from the Chief Controller that he does not wish any further investigation or inquiry to be made, all wreckage and debris shall be left untouched except in so far as its removal may be necessary for the rescue of persons injured and recovery of the bodies of any persons killed by the accident or in the case of railways for the restoration of through communication Inclusion in AUDIT REPORT Whether the notice relating to details regarding the accidents caused has been given to the nearest Police Station or not? Rule 33 of Petroleum Rules, 2002 Required valid license for carriage of petroleum in bulk by water Petroleum in bulk shall not be carried by water except in a ship or other vessel licensed for the carriage of petroleum in bulk by an officer appointed by the central Government in this behalf(hereinafter in this Part referred to as the licensing authority) and in such manner as may be approved by general or special order by the licensing authority after consultation with the Chief Controller: Provided that- (a) nothing in this rule shall apply to ships importing petroleum; (b) petroleum in tank vehicles may, with the permission, in writing, of the Chief Controller and subject to such conditions as he may specify, be transported across a river by a ferry. The license referred to in sub-rule (1) shall be granted in Form III, and
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