{"id":42121,"date":"2016-04-06T10:10:30","date_gmt":"2016-04-06T04:40:30","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=42121"},"modified":"2016-05-11T17:58:20","modified_gmt":"2016-05-11T12:28:20","slug":"companies-amendment-bill-2016-introduced-in-lok-sabha","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/04\/06\/companies-amendment-bill-2016-introduced-in-lok-sabha\/","title":{"rendered":"Companies (Amendment) Bill, 2016 introduced in Lok Sabha"},"content":{"rendered":"

The Government of India introduced the Companies (Amendment) Bill, 2016 in the Lok Sabha on 16th<\/sup> March, 2016, which proposes to make several amendments to the existing Companies Act, 2013. The proposed Amendment bill attempts to adopt the recommendations advanced by the Companies Law Committee in its February, 2016 report. Some of the major amendments proposed under the Bill are elicited below:<\/p>\n

    \n
  1. Broadening the Ambit of the Object Clause:<\/strong> Section 4(1)(c) which merely provided for specifying the objects for which the company was being incorporated in the Memorandum, has been expanded in scope to engage in any lawful act or activity or business to pursue any specific object or objects.<\/li>\n
  2. Filing of Return for Stake Change Omitted: <\/strong>Section 93 of the existing Act is proposed to be omitted, which requires a company to file a return with respect to change in the number of shares held by promoters and top ten shareholders of such company within fifteen days of such change.<\/li>\n
  3. Flexibility in Venue for Company Meetings: <\/strong>Section 96(2) of the existing Act which compelled the annual general meetings to be held either at the registered office of the company or at some other place within the city\/town\/village of the registered location has been relaxed for the unlisted companies by allowing them to hold an AGM at any place in India once consented to by all the members in advance.<\/li>\n
  4. Presence of Director(s) within India:<\/strong> Companies Act, 2013 requires at least one director to have stayed in India at least for a total period of one hundred and eighty-two days in the previous calendar year<\/em> under Section 149(3). However, the amending Bill requires at least one director to stay in India for a total period of one hundred and eighty-two days during the financial year<\/em>.<\/li>\n
  5. Pecuniary Interest of Independent Directors: <\/strong>Section 149(6)(c) of the Companies Act, 2013 excludes a person to act as an independent director who has or had any pecuniary relationship with a company during the two immediately preceding financial years whereas the proposed amendment substitutes the words \u201cpecuniary relationship\u201d with \u201cpecuniary relationship, other than remuneration as such director or having transaction not exceeding ten per cent of his total income\u201d \u2013 to let an independent director enjoy his independence unless he has transactions with the company exceeding ten per cent of his total income with the company.<\/li>\n
  6. Enabling video-conferencing of Directors in Board Meetings: <\/strong>Proviso to Section 173(2) of the existing Act restricts attendance in a meeting dealing with particular subject-matters notified by the Central Government through video conferencing or other audio visual matters. However, the Bill adds a further proviso to that stating that where there is quorum in a meeting through physical presence of directors, any other director may participate through video conferencing or other audio visual means in such a meeting.<\/li>\n
  7. Approval to Giving of Loans, Guarantees or Securities: <\/strong>Section 185 of the Act restricted the advancing of loans, guarantees or securities to the directors. However, the amending Bill by substituting the existing section with a new one enables the directors to obtain loans from the company upon the passage of a special resolution approving the giving of loans, guarantees or securities.<\/li>\n<\/ol>\n

    -Lok Sabha<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Government of India introduced the Companies (Amendment) Bill, 2016 in the Lok Sabha on 16th March, 2016, which proposes to make <\/p>\n","protected":false},"author":3,"featured_media":29761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[],"class_list":["post-42121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes"],"yoast_head":"\nCompanies (Amendment) Bill, 2016 introduced in Lok Sabha | 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\/2016\/04\/06\/companies-amendment-bill-2016-introduced-in-lok-sabha\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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It also puts a disproportionate burden on the honest taxpayers who have to bear the brunt of higher taxes to make up for the revenue leakage. As a step forward\u2026","rel":"","context":"In "Foreign Legislation"","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":235819,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/15\/lok-sabha-banking-regulation-amendment-bill-2020-read-how-the-bill-will-strengthen-the-co-operative-banks\/","url_meta":{"origin":42121,"position":2},"title":"Lok Sabha | Banking Regulation (Amendment) Bill, 2020: Read how the bill will strengthen the co-operative banks [Bill Passed]","author":"Bhumika Indulia","date":"September 15, 2020","format":false,"excerpt":"The Banking Regulation (Amendment) Bill, 2020 Which Act will the said bill amend? The Banking Regulation (Amendment) Bill, 2020 will amend the Banking Regulation Act, 1949 and the Act will be called the Banking Regulation (Amendment) Act, 2020. Why were amendments needed under the Banking Regulation Act, 1949? Certain amendments\u2026","rel":"","context":"In "Legislation Updates"","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\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":88761,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/29\/the-taxation-laws-second-amendment-bill-2016-passed-in-lok-sabha\/","url_meta":{"origin":42121,"position":3},"title":"The Taxation Laws (Second Amendment) Bill, 2016 passed in Lok Sabha","author":"Saba","date":"November 29, 2016","format":false,"excerpt":"As reported by Times Now, the Lok Sabha passed the Taxation Laws (Second Amendment) Bill, 2016. 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The Bill was referred to the Parliament Standing Committee on Labour. The Parliament Standing Committee submitted its report to the Speaker of the Lok Sabha in December, 2014. The major amendments proposed in the Factories Act, 1948, inter-alia,\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/factories.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/factories.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/factories.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/factories.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/08\/factories.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":222768,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/03\/taxation-amendment-bill-2019-passed-by-lok-sabha-reduction-in-corporate-tax-rates\/","url_meta":{"origin":42121,"position":5},"title":"Lok Sabha clears passage for — Taxation Amendment Bill, 2019 ; Reduction in Corporate tax rates","author":"Bhumika Indulia","date":"December 3, 2019","format":false,"excerpt":"Lok Sabha passed the Taxation Amendment Bill, 2019 on Lok Sabha on 02-12-2019. Corporate Tax Rates slashed to be slashed to 22% for domestic companies and 15% for new domestic manufacturing companies, according to the said bill. List of amendments: Section 92 BA Section 115 BA Insertion of Sections 115\u2026","rel":"","context":"In "Legislation Updates"","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\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/42121","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=42121"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/42121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/29761"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=42121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=42121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=42121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}