COMPANIES ACT 2013.
Ministry of Corporate Affairs announced some amendments on 5th June, 2015. These amendments relate to the Board of Directors.
Before the amendments, provisions of the 2013 Act were applicable to all kinds of companies .
After the amendments some provisions in regard to Board of Directors will not apply to the Private Co., Govt. Co. and Charitable Company under section 8 of the new Act..
Except these changes, provisions regarding Board of Director remain the same.
2. ON ALLIED LAWS.
(a.) FOR SEBI : Section 26 A has provided for the Special Court.
Besides, the penalties provided in section 15A on wards altered. Before the amendment penalty was 1 lakh for each day of default and can go upto 1 crore. After the amendment penalty shall not be less than 1 lakh and can extend to 1 lakh each day and maximum, 1 crore. Section 15 I Power to Adjudicate. There is an addition to this section. Board may call for and examine the record of any proceeding & if order by Adjudicating Authority is erroneous, Board may pass an order enhancing the penalty.
(b.) FOR FEMA:
There is an addition of Section 37A through the amendment made on 9-9-2015
(c.) For SCRA :
Through the amendments made on 28 sept. 2015 some new terms have been defined.
- Transferable Specific Delivery Contracts,
- Ready Delivery Contract,
- Specific Delivery Contract,
- Transferable Specific Delivery Contract
Besides section 30A has been added by way of special Provisions relating to Commodity Derivative
Section 26A of the Act provides for the establishment of Special Court.
(d.) INSURANCE ACT 1938.
Amended Act 2015 which came into force on 26th Dec 2014.
Amendments basically have provided for foreign investment in this section up to 49 per cent instead of 26 percent as was the case before.
Besides the Indian Insurance Company has been defined and Health Insurance Business too has been identified.
Besides these amendments of 2015 , old provisions of the act will continue.