Companies (Amendment) Bill, 2014

Published By : Admin | December 2, 2014 | 20:45 IST

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today approved the introduction of the Companies (Amendment) Bill, 2014 in Parliament to make certain amendments in the Companies Act, 2013. 

The Companies Act, 2013 (Act) was notified on 29.8.2013. Out of 470 sections in the Act, 283 sections and 22 sets of Rules corresponding to such sections have so far been brought into force. In order to address some issues raised by stakeholders such as Chartered Accountants and professionals, following amendments in the Act have been proposed: 

1. Omitting requirement for minimum paid up share capital, and consequential changes. (For ease of doing business) 

2. Making common seal optional, and consequential changes for authorization for execution of documents. (For ease of doing business) 

3. Prescribing specific punishment for deposits accepted under the new Act. This was left out in the Act inadvertently. (To remove an omission) 

4. Prohibiting public inspection of Board resolutions filed in the Registry. (To meet corporate demand) 

5. Including provision for writing off past losses/depreciation before declaring dividend for the year. This was missed in the Act but included in the Rules. 

6. Rectifying the requirement of transferring equity shares for which unclaimed/unpaid dividend has been transferred to the IEPF even though subsequent dividend(s) has been claimed. (To meet corporate demand) 

7. Enabling provisions to prescribe thresholds beyond which fraud shall be reported to the Central Government (below the threshold, it will be reported to the Audit Committee). Disclosures for the latter category also to be made in the Board’s Report. (Demand of auditors) 

8. Exemption u/s 185 (Loans to Directors) provided for loans to wholly owned subsidiaries and guarantees/securities on loans taken from banks by subsidiaries. (This was provided under the Rules but being included in the Act as a matter of abundant caution). 

9. Empowering Audit Committee to give omnibus approvals for related party transactions on annual basis. (Align with SEBI policy and increase ease of doing business) 

10. Replacing ‘special resolution’ with ‘ordinary resolution’ for approval of related party transactions by non-related shareholders. (Meet problems faced by large stakeholders who are related parties) 

11. Exempt related party transactions between holding companies and wholly owned subsidiaries from the requirement of approval of non-related shareholders. (corporate demand) 

12. Bail restrictions to apply only for offence relating to fraud u/s 447. (Though earlier provision is mitigated, concession is made to Law Ministry & ED) 

13. Winding Up cases to be heard by 2-member Bench instead of a 3-member Bench. (Removal of an inadvertent error) 

14. Special Courts to try only offences carrying imprisonment of two years or more. (To let magistrate try minor violations).

Explore More
77ਵੇਂ ਸੁਤੰਤਰਤਾ ਦਿਵਸ ਦੇ ਅਵਸਰ ’ਤੇ ਲਾਲ ਕਿਲੇ ਦੀ ਫ਼ਸੀਲ ਤੋਂ ਪ੍ਰਧਾਨ ਮੰਤਰੀ, ਸ਼੍ਰੀ ਨਰੇਂਦਰ ਮੋਦੀ ਦੇ ਸੰਬੋਧਨ ਦਾ ਮੂਲ-ਪਾਠ

Popular Speeches

77ਵੇਂ ਸੁਤੰਤਰਤਾ ਦਿਵਸ ਦੇ ਅਵਸਰ ’ਤੇ ਲਾਲ ਕਿਲੇ ਦੀ ਫ਼ਸੀਲ ਤੋਂ ਪ੍ਰਧਾਨ ਮੰਤਰੀ, ਸ਼੍ਰੀ ਨਰੇਂਦਰ ਮੋਦੀ ਦੇ ਸੰਬੋਧਨ ਦਾ ਮੂਲ-ਪਾਠ
Red violence down 52% under Modi government, says Amit Shah

Media Coverage

Red violence down 52% under Modi government, says Amit Shah
NM on the go

Nm on the go

Always be the first to hear from the PM. Get the App Now!
...
PM to visit Gujarat on 24th and 25th February
February 24, 2024
PM to inaugurate dedicate to nation and lay the foundation stone of multiple development projects worth more than Rs. 52,250 crore
Projects encompasses important sectors like health, road, rail, energy, petroleum & natural gas, tourism among others
PM to dedicate Sudarshan Setu connecting Okha mainland and Beyt Dwarka
It is India’s longest cable stayed bridge
PM to dedicate five AIIMS at Rajkot, Bathinda, Raebareli, Kalyani and Mangalagiri
PM to lay the foundation stone and dedicate to the nation more than 200 Health Care Infrastructure Projects
PM to inaugurate and dedicate to the nation 21 projects of ESIC
PM to lay foundation stone of the New Mundra-Panipat pipeline project

Prime Minister will visit Gujarat on 24th and 25th February, 2024. On 25th February, at around 7:45 AM, Prime Minister will perform pooja and darshan at Beyt Dwarka temple. This will be followed by visit to the Sudarshan Setu at around 8:25 AM. He will thereafter visit Dwarkadhish Temple at around 9:30 AM.

At around 1 PM, Prime Minister will dedicate and lay the foundation stone of multiple development projects worth more than Rs. 4150 crore in Dwarka.

Thereafter, at around 3:30 PM, Prime Minister will visit AIIMS Rajkot. At around 4:30 PM, Prime Minister will inaugurate, dedicate to the nation and lay the foundation stone of multiple development projects worth more than Rs. 48,100 crore at Race Course Ground, Rajkot.

PM in Dwarka

At a public function in Dwarka, Prime Minister will dedicate to the nation, Sudarshan Setu connecting Okha mainland and Beyt Dwarka island built at a cost of around Rs. 980 crores. It is the longest Cable-stayed bridge in the country of around 2.32 Km.

Sudarshan Setu boasts a unique design, featuring a footpath adorned with verses from Shrimad Bhagavad Gita and images of Bhagwan Krishna on both sides. It also has solar panels installed on the upper portions of the footpath, generating one megawatt of electricity. This bridge will ease the transportation and significantly reduce the time of devotees travelling between Dwarka and Beyt-Dwarka. Before the bridge's construction, pilgrims had to rely on boat transport to reach Beyt Dwarka. This iconic bridge will also serve as a major tourist attraction of Devbhumi Dwarka.

Prime Minister will dedicate pipeline project at Vadinar involving replacement of existing offshore lines, abandoning existing Pipeline End Manifold (PLEM), and relocating the entire system (pipelines, the PLEMs and the interconnecting loop line) at a nearby new location. Prime Minister will dedicate Rajkot-Okha, Rajkot-Jetalsar-Somnath and Jetalsar-Wansjaliya Rail Electrification projects to the nation.

Prime Minister will lay foundation stone of widening of Dhoraji-Jamkandorna-Kalavad section of NH-927D; Regional Science Center at Jamnagar; Flue Gas Desulphurization (FGD) system installation at Sikka Thermal Power Station, Jamnagar among others

PM in Rajkot

At the public function in Rajkot, Prime Minister will inaugurate, dedicate to the nation and lay the foundation stone of multiple development projects worth more than Rs. 48,100 crore, encompassing important sectors like health, road, rail, energy, petroleum & natural gas, tourism among others.

In a significant step towards strengthening tertiary health care in the country, Prime Minister Shri Narendra Modi will dedicate to the nation five All India Institute of Medical Sciences (AIIMS) at Rajkot (Gujarat), Bathinda (Punjab), Raebareli (Uttar Pradesh), Kalyani (West Bengal) and Mangalagiri (Andhra Pradesh).

Prime Minister will also lay the foundation stone and dedicate to the nation more than 200 Health Care Infrastructure Projects worth more than Rs. 11,500 crore across 23 States /UTs.

Prime Minister will dedicate the Medical College of JIPMER at Karaikal, Puducherry and 300 bedded Satellite Centre of Post Graduate Institute of Medical and Educational Research (PGIMER) in Sangrur, Punjab, among others. He will inaugurate 90 bedded Multi Specialty Consulting Unit of JIPMER at Yanam, Puducherry; National Centre for Aging in Chennai; new Government Medical College in Purnea, Bihar; 2 field units of ICMR namely, National Institute of Virology Kerala Unit, at Alappuzha, Kerala and National Institute of Research in Tuberculosis (NIRT): New Composite TB Research Facility, Tiruvallur, Tamil Nadu, among others. Prime Minister will lay foundation stone of various health projects including 100 bedded Satellite Centre of PGIMER at Ferozpur, Punjab; new Medical College building in RML Hospital, Delhi; Critical Care Block in RIMS, Imphal; Nursing Colleges at Koderma and Dumka in Jharkhand, among others.

In addition to these, under the National Health Mission and Prime Minister-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), Prime Minister will also inaugurate, dedicate to the nation and lay the foundation stone of 115 projects. These include 78 projects under PM-ABHIM (50 units of Critical Care Blocks, 15 units of Integrated Public health Labs, 13 units of Block Public Health Units); 30 units of various projects like Community Health Centre, Primary Health Care Center, Model Hospital, Transit Hostel etc. under National Health Mission among others.

Prime Minister will also inaugurate the National Institute of Naturopathy named ‘Nisarg Gram’ at Pune. It comprises Naturopathy Medical College along with 250 bedded hospital with Multi-disciplinary Research and Extension Centre. Further, he will also inaugurate the Regional Research Institute of Yoga & Naturopathy at Jhajjar, Haryana. It will have apex level Yoga and Naturopathy Research facilities

During the event, Prime Minister will inaugurate and dedicate to the nation 21 projects of the Employees’ State Insurance Corporation (ESIC), worth around Rs. 2280 crores. Projects being dedicated to nation include 2 medical colleges and hospitals at Patna (Bihar) and Alwar (Rajasthan); 8 hospitals at Korba (Chhattisgarh), Udaipur (Rajasthan), Adityapur (Jharkhand), Phulwari Sharif (Bihar), Tiruppur (Tamil Nadu), Kakinada (Andhra Pradesh) and Raigarh & Bhilai in Chhattisgarh; and 3 dispensaries at Neemrana, Abu Road, and Bhilwara in Rajasthan. ESI dispensaries at 8 locations will also be inaugurated at Alwar, Behror & Sitapura in Rajasthan, Selaqui (Uttarakhand), Gorakhpur (Uttar Pradesh), Koratty & Navaikulam in Kerala and Pydibhimavaram (Andhra Pradesh).

In a step to boost production of renewable energy in the region, Prime Minister will lay foundation stone of various renewable energy projects including 300 MW Bhuj-II Solar power project; Grid Connected 600 MW Solar PV Power project; Khavda Solar Power Project; 200 MW Dayapur-II Wind Energy Project among others.

Prime Minister will also lay the foundation stone of the New Mundra- Panipat pipeline project worth over Rs. 9000 crore. The 1194 km long Mundra- Panipat Pipeline with an installed capacity of 8.4 MMTPA was commissioned to transport crude oil from Mundra on the Gujarat coast to Indian Oil's refinery at Panipat in Haryana.

Strengthening the road and rail infrastructure in the region, Prime Minister will dedicate doubling of Surendranagar- Rajkot Rail line; four laning of Bhavnagar- Talaja (Package-I) of old NH-8E; Pipli-Bhavnagar (Package-I) of NH-751. He will also lay the foundation stone of six laning with paved shoulder of Samakhiyali to Santalpur section of NH-27, among others.