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GLIMPSES OF REPORT OF ‘THE COMPANIES LAW COMMITTEE’ – PART III

Corporate Laws / Banking / SEBI / LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 8-2-2016 - CHAPTER XIV - INSPECTION, INQUIRY AND INVESTIGATION NIL CHAPTER XV - COMPROMISES AND AMALGAMATIONS Section 236 - The Committee recommended that the references to the phrase transferor company in Section 236 may be modified to a company whose shares are being transferred or alternatively, an explanation be provided in the provision clarifying that Section 236 only applies to the acquisition of shares; CHAPTER X .....

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MES OF COMPANIES FROM THE REGISTER OF COMPANIES NIL CHAPTER XIX - REVIVAL AND REHABILITATION OF SICK COMPANIES NIL CHAPTER XX - WINDING UP NIL CHAPTER XXI - COMPANIES AUTHORIZED TO REGISTER UNDER THIS ACT Section 366 - The Committee recommended to amend Section 366 (2) to allow for conversion into companies from partnership firms etc., with two or more members , provided that in case of less than 7 members, the conversion would be a private company; The Committee recommended for changes to be ma .....

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recommended with respect to the threshold on transactions, etc. conducted by such companies, to be prescribed in the relevant Rules. CHAPTER XXIII - GOVERNMENT COMPANIES NIL CHAPTER XXIV - REGISTRATION OFFICES AND FEES The Committee recommended for necessary changes to be made in the Act to bring clarity that the requirement of filing with additional fee for 270 days under first proviso to section 403 is applicable only to the six sections. Further, additional fees should be enhanced substantial .....

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is a separate process under section 460 in respect of all belated filings. CHAPTER XXV - COMPANIES TO FURNISH INFORMATION OR STATISTICS NIL CHAPTER XXVI - NIDHIS The Committee felt that since the nature of business of Nidhis were similar to those of NBFCs, it was more appropriate to regulate them at a central level in the Ministry, or through one or more Regional Directors; CHAPTER XXVII - NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL The Committee felt that changes in the Companies Act, .....

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s to be filed by a person who is a member of a company without any share capital. Therefore, to include such persons within the ambit of Section 439, the words or member should be included after the term shareholder in this section; The Committee recommended that a consequential change in Section 441 (6) ought to be made to refer to Special Courts, as well as other courts with whose permission the compounding may be allowed; CHAPTER XXIX - MISCELLANEOUS The Committee observed that the extension .....

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etc. Recognition of the concept of public interest entity may require review of such thresholds/requirements and it may, therefore not be appropriate to provide a specific definition for public interest entities. However, in case of penal provisions which provide discretion to courts on imposing fines/imprisonment (e.g. in cases where the penal provisions provide for fine or imprisonment up to certain amount/term) the Courts/Tribunal could be empowered to consider certain factors before determi .....

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ions; In regard to adjudication of penalty the Committee felt that it would not be prudent to reduce the prescribed penalties for the adjudicating authority, who is not given any discretion on the quantum of penalty to ROC. Further, the Committee also felt the role of appellate body under section 454 would need to be clearly brought out as the appellate body may not be able to levy a lesser penalty than that was levied by adjudicating authority (i.e., RoC); Fee for filing - The Committee recomme .....

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aid down for one person companies and small companies, it is recommended that the fees prescribed in Table A pursuant to Rule 12 of the Companies (Registration of Offices and Fees) Rules, 2014 should be halved for such companies; The Committee felt that felt that fees for timely filing may be reduced to zero, additional fees may be increased to up to 10 times of the current additional fees with steep slabs after the first slab. Repeated non-compliance should result in deprival of the moratorium .....

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nt provided under section 292A (11) of the Companies Act, 1956; The Committee observed that the Committee observed that it is essential for a director to disclose every concern or interest as required under sub-section (1), or any change thereto, so that the company is aware of such concerns or interests of the director. However, the Committee felt that the minimum fine of Rupees Fifty Thousand was on the higher side, and thus recommended for deletion of the provision for minimum fine; The Commi .....

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re, recommends that only frauds, which involve at least an amount of rupees ten lakh or one percent of the turnover of the company, whichever is lower, may be punishable under Section 447 (and non-compoundable). Frauds below the limits, which do not involve public interest, may be given a differential treatment and compoundable since the cost of prosecution may exceed the quantum involved; The Committee observed that the Committee observed that as per the scheme of the Act, most of the offences .....

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