{"id":245979,"date":"2021-03-23T10:33:07","date_gmt":"2021-03-23T05:03:07","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=245979"},"modified":"2021-03-23T10:33:07","modified_gmt":"2021-03-23T05:03:07","slug":"sections-32-and-40-of-companies-amendment-act-2020-comes-into-force","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/23\/sections-32-and-40-of-companies-amendment-act-2020-comes-into-force\/","title":{"rendered":"Sections 32 and 40 of Companies (Amendment) Act, 2020 comes into force"},"content":{"rendered":"<p style=\"text-align: justify;\">The Ministry of Corporate Affairs (MCA) notifies the commencement date on which Section 32 and Section 40 of the Companies (Amendment) Act, 2020<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> will come into force i.e., March 18, 2021.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Sections 32 and 40 of the Companies (Amendment) Act, 2020 seeks to amend Section 149 and 197 of the Companies Act, 2013, respectively, dealing with remuneration of Independent Directors:<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: left; padding-left: 40px;\"><span style=\"color: #008080;\">\u201c32. In section 149 of the principal Act, in sub-section (9), the following proviso shall be inserted, namely: \u2014&#8221;Provided that if a company has no profits or its profits are inadequate, an independent director may receive remuneration, exclusive of any fees payable under sub-section (5) of section 197, in accordance with the provisions of Schedule V\u201d.<\/span><\/p>\n<p style=\"text-align: left; padding-left: 40px;\"><span style=\"color: #008080;\">\u201c40. In section 197 of the principal Act, in sub-section (3), after the words &#8220;whole-time director or manager,&#8221;, the words &#8220;or any other non-executive director, including an independent director&#8221; shall be inserted.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> https:\/\/www.mca.gov.in\/Ministry\/pdf\/AmendmentAct_29092020.pdf<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Corporate Affairs (MCA) notifies the commencement date on which Section 32 and Section 40 of the Companies (Amendment) Act, <\/p>\n","protected":false},"author":121,"featured_media":154904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-245979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sections 32 and 40 of Companies (Amendment) Act, 2020 comes into force | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/23\/sections-32-and-40-of-companies-amendment-act-2020-comes-into-force\/\" \/>\n<meta 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The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette. A few provisions in the Amendment Act have important\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":239110,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/16\/companies-amendment-act-2020-a-step-in-the-right-direction\/","url_meta":{"origin":245979,"position":3},"title":"Companies (Amendment) Act, 2020: A step in the right direction?","author":"Bhumika Indulia","date":"November 16, 2020","format":false,"excerpt":"by Ananya Raghavendra\u2020and Eshvar Girish\u2020\u2020","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/compines-act.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/compines-act.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/compines-act.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/compines-act.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/compines-act.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":251683,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/23\/section-4-of-companies-amendment-act-2020-to-come-into-effect-from-september-01-2021\/","url_meta":{"origin":245979,"position":4},"title":"Section 4 of Companies (Amendment) Act, 2020 to come into effect from September 01, 2021","author":"Bhumika Indulia","date":"July 23, 2021","format":false,"excerpt":"The Central Government in exercise of the powers conferred by Section 1 (2) of the Companies (Amendment) Act, 2020, hereby appoints the 1st September, 2021 as the date on which the provisions of section 4 of the said Act shall come into force. Section 4 of the Amendment Act provides\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":259986,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/13\/amendment-in-section-403-of-companies-act-2013-to-come-into-effect-from-july-01-2022\/","url_meta":{"origin":245979,"position":5},"title":"Amendment in Section 403 of Companies Act, 2013 to come into effect from July 01, 2022","author":"Bhumika Indulia","date":"January 13, 2022","format":false,"excerpt":"On January 11, 2022, the Central Government appoints July 01, 2022, as the date on which the provisions of section 56 of the Companies Amendment Act, 2020 shall come into force. Section 56 of the Companies Amendment Act, 2020 provides- In section 403 of the principal Act, in sub-section (1),\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-161.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-161.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-161.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-161.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-161.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/245979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=245979"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/245979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/154904"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=245979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=245979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=245979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}