Salient features of Companies Act ,2013
• STRUCTURE OF COMPANIES ACT,2013:
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658 SECTIONS OF 1956 ACT Vs 470 sections
7 schedules ( 15 schedules in 1956 Act)
29 chapters
Rule based act therefore not Complete code
348 SECTIONS ,WHREIN RULES TO BE FRAMED SEPERATELY
98 SECTIONS SO FAR NOTIFIED AND OPERATIONAL
4 PHASES OF DRAFT RULES FRAMED
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Salient features of Companies Act ,2013
 ONE PERSON COMPANY
 ENTRECHMENT PROVISIONS IN ARTICLES
 CHANGE OF NAME
 ALTERATION OF OBJECT CLAUSE
 SECTION 8 COMPANIES AMALGAMATION
 PRIVATE PLACEMENT
 CLASS ACTION
 DISGORGEMENT PROVISIONS
 TRANSFER OF COMPANIES HAVING NO SHARECAPITAL
 LISTING OF COMPANY BEFORE MAKING PUBLIC OFFER
 RETURN OF CHANGES IN PROMOTER’S AND TOP 10
SHAREHOLDERS STAKE
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Salient features of Companies Act ,2013
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RIGHT OF CHARGE HOLDERS
NOTICE OF GENERAL MEETING IN ELECTRONICS MODE
ELECTRONICS VOTING
MINUTES OF POSTAL BALLOT
EXPLANATORY STATEMENT TO GENERAL MEETING NOTICE
QUORAM
PROXIES
CONSOLODITED FINANCIAL STATEMENTS
SUBSIDIARY’S ACCOUNTS ON WEB SITE
REOPENING OF ACCOUNTS BY COURT’S ORDER/ MANAGEMENT
CORPORATE SOCIAL RESPONSIBILITIES
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Salient features of Companies Act ,2013
MANDATORY INTERNAL AUDIT
COMPULSORY ROTATION OF AUDITORS
AUDITOR’S OBLIGATION ON HIS RESIGNATION
TRIBUNAL’S POWER TO REMOVE AUDITORS
AUDITING STANDARDS
FRAUD DETECTION AND CA/CS/CWA ‘S DUTIES
PROHIBITION ON NON AUDIT SERVICES BY AUDITOR
AUDITOR’S PRESENCE IN AGM
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Salient features of Companies Act ,2013
 MANDATORY RESIDENT DIRECTOR
 WOMEN DIRECTOR
 INDEPENDENT DIRECTOR
 REGIGNATION OF DIRECTOR
 PARTICIPATION IN BOARD MEETING THRU VIDEO
CONFERCING
 BOARD MEETING AND MINIMUM ONE INDEPENDENT
DIRECTOR’S PRESENCE
 FREQUENCY OF BOARD MEETING IN OPC(>1 PERSON
DIRECTOR)/DORMANT COMPANY/SMALL CO
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Salient features of Companies Act ,2013
 LAYERS OF SUBSIDIRES IN INVESTMENT COMPANIES
 STATUTORY RECOGNITION TO SERIOUS FRAUD
INVESTIGATION OFFICE
 AMALGAMTION PROCEDURE SIMPLIFIED
 CROSS BORDER MEGER OF Ico WITH Fco
 SQUEEZE OUT PROVISIONS
 REGISTERED VALUER
 APPLICATION BY COMPANY FOR REMOVAL OF NAME
 SUMMARY PROCEDURE FOR LIQUIDATION OF CO < 1
CRORE BOOK VALUE
 SPECIAL TRIAL COURT U/S 435
 COMPUNDING OF OFFENCE –GOV Vs COURT POWER
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Salient features of Companies Act ,2013
 DEFINITION OF FRAUD-U/S 447
 ARM’S LENGTH CONCEPT
 NFRA FORMATION
 NCLT FORMATION
 STAKEHODERS RELATIONSHIP COMMITTEE
 DEFINITION OF PROMOTER
 NON CASH TRANSACTION WITH DIRECTORS-PRIOR APPROVAL
OF GENERAL MEETING
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Salient features of Companies Act ,2013
PROVISIONS( ERSTWHILE ACT 1956) DROPPED
UNDER COMPANIES ACT,2013:
 CERTIFICATE OF INCORPARATION CONCLUSIVE EVIDENCE OF
COMPLIANCE
 CERTIFICATE OF COMMENCEMENT
 STATEMENT IN LIEU OF PROSPECTUS
 DEEMED SERVICE BY POST -48 HRS
 DEDUCTION OF SHARE CAPITAL ..AND REDUCED
 STATUTORY MEETING
 CENTRAL GOVT POWER TO REMOVE DISQUALIFICATION OF MORAL
TURPITUDE
 SHARE QUALIFIACTION
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Salient features of Companies Act ,2013
RESTRICTION ON TAX FREE REMUNERATION TO
OFICERS AND EMPLOYEES
COMPLINACE CERTIFICATE FROM CS –NOT REQUIRED
WHOLE TIME DIRCTOR
REPORT FROM ROC AND OL UNDER ARRANGEMENT
/REORGANISATION SCHEME-394
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Salient features of Companies Act ,2013
PROVISIONS( ERSTWHILE ACT 1956) MODIFIED UNDER
COMPANIES ACT,2013:
 ISSUE OF SHARES AT DISCOUNT-PROHIBITED
 ISSUE OF BONUS SHARES OUT OF REVALUATION
RESERVE
 DEBENTURE STRUSTEE >500 PERSON
 REGISTRATION OF CHARGE-EVERY CHARGE
 PROVISIONS RELATED TO RESOLUTION BY
CIRCULATION-NOTING IN SUBSEQUENT MEETING
 PRIVATE CO- 200 MEMBERS
 DEPRECIATION
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Salient features of Companies Act ,2013
P K MODI & CO
CHARTERED ACCOUNTANTS
A -411 SAFAL PEGASUS, PRAHALAD NAGAR,
SATELLITE,
AHMEDABAD-380051
Telephone : +91 79 40065204
Email: support@pkmodi.com
Web site: www.pkmodi.com
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