{"id":6204,"date":"2014-12-04T10:12:00","date_gmt":"2014-12-04T10:12:00","guid":{"rendered":"http:\/\/localhost\/sccblog\/?p=6204"},"modified":"2015-10-14T17:18:25","modified_gmt":"2015-10-14T11:48:25","slug":"companies-amendment-bill-2014-2","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2014\/12\/04\/companies-amendment-bill-2014-2\/","title":{"rendered":"Companies (Amendment) Bill, 2014"},"content":{"rendered":"<p >On 2nd December 2014, the Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the introduction of the Companies (Amendment) Bill, 2014 in Parliament to make certain amendments in the Companies Act, 2013. The objective of the proposed amendment is to meet the corporate demand, for ease of doing business, and to address problems faced by stakeholders such as Chartered Accountants and professionals. <\/p>\n<p ><o:p>&nbsp;<\/o:p><span>The proposed amendments are as follows:<\/span><\/p>\n<p   >\n<ul>\n<li><span><span>&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<\/span><\/span><span>To omit the requirement for minimum paid up share capital for ease of doing business.<\/span><\/li>\n<li><span>&nbsp; &nbsp; To make common seal optional, and consequential changes for authorization for execution of documents.<\/span><\/li>\n<li><span>&nbsp; &nbsp;To prescribe specific punishment for deposits accepted under the new Act, which was left out in the earlier Act inadvertently.<\/span><\/li>\n<li><span><span>&nbsp; &nbsp; &nbsp; &nbsp; <\/span><\/span><span>To prohibit public inspection of Board resolutions filed in the Registry.<\/span><\/li>\n<li><span><span>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<\/span><\/span><span>To include a provision for writing off past losses\/depreciation before declaring dividend for the year.<\/span><\/li>\n<li><span><span>&nbsp; &nbsp; &nbsp; &nbsp;<\/span><\/span><span>To rectify 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.<\/span><\/li>\n<li><span>&nbsp; To prescribe thresholds beyond which fraud shall be reported to the Central Government. If it is below the threshold, it will be reported to the Audit Committee and also the disclosure for the same shall be made in the Board\u2019s Report.<\/span><\/li>\n<li><span><span>&nbsp;&nbsp;<\/span><\/span><span>To exempt u\/s 185 (Loans to Directors) provided for loans to wholly owned subsidiaries and guarantees\/securities on loans taken from banks by subsidiaries.<\/span><\/li>\n<li><span>&nbsp; &nbsp;To empower the Audit Committee to give omnibus approvals for related party transactions on annual basis.<\/span><\/li>\n<li><span>&nbsp; To replace \u2018special resolution\u2019 with \u2018ordinary resolution\u2019 for approval of related party transactions by non-related shareholders.<\/span><\/li>\n<li><span>&nbsp;To exempt related party transactions between holding companies and wholly owned subsidiaries from the requirement of approval of non-related shareholders.<\/span><\/li>\n<li><span>&nbsp; &nbsp;To enable Bail restrictions to be applicable only in cases which are related to fraud u\/s 447.<\/span><\/li>\n<li><span><span>&nbsp; &nbsp;<\/span><\/span><span>To Wind Up cases to be heard by 2-member Bench instead of a 3-member Bench.<\/span><span><span>&nbsp;&nbsp;<\/span><\/span><\/li>\n<li><span><span>&nbsp; &nbsp; &nbsp; <\/span><\/span><span>To give power to Special Courts to try offences carrying imprisonment of two years or more, and the magistrate to try minor violations.<\/span><\/li>\n<\/ul>\n<p  align=\"right\"><b>-Press Information Bureau.<o:p><\/o:p><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 2nd December 2014, the Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the introduction of the Companies (Amendment) Bill, <\/p>\n","protected":false},"author":3,"featured_media":7321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-6204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-Business_Law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Companies (Amendment) Bill, 2014 | 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\/2014\/12\/04\/companies-amendment-bill-2014-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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(Amendment) Bill, 2014","author":"Sucheta","date":"December 4, 2014","format":false,"excerpt":"On 2nd December 2014, the Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the introduction of the Companies (Amendment) Bill, 2014 in Parliament to make certain amendments in the Companies Act, 2013. The objective of the proposed amendment is to meet the corporate demand, for ease of doing\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\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":145841,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/07\/29\/lok-sabha-passes-the-companies-amendment-bill-2016\/","url_meta":{"origin":6204,"position":1},"title":"Lok Sabha passes the Companies Amendment Bill, 2016","author":"Saba","date":"July 29, 2017","format":false,"excerpt":"The Lok Sabha has passed the Companies Amendment Bill, 2016 to amend the Companies Act, 2013, seeking to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve the ease of doing business in the country. The Bill, which was passed by a voice vote, provides for\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":"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":7042,"url":"https:\/\/www.scconline.com\/blog\/post\/2014\/12\/17\/the-public-premises-eviction-of-unauthorised-occupants-amendment-bill-2014\/","url_meta":{"origin":6204,"position":2},"title":"The Public Premises (Eviction of Unauthorised Occupants) Amendment Bill, 2014","author":"Sucheta","date":"December 17, 2014","format":false,"excerpt":"On 15 December 2014, Lok Sabha passed the Public Premises (Eviction of Unauthorised Occupants) Amendment Bill, 2014. The objective of the Bill is to bring the properties of Delhi Metro Rail Corporation (DMRC) and other Metro Rails which may come up in future and also the properties of New Delhi\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":59601,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/08\/03\/proposed-amendments-to-factories-act-1948\/","url_meta":{"origin":6204,"position":3},"title":"Proposed Amendments to Factories Act, 1948","author":"Sucheta","date":"August 3, 2016","format":false,"excerpt":"\u00a0The Factories (Amendment) Bill, 2014 was introduced by government in the Parliament. 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 &quot;Foreign Legislation&quot;","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":226920,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/12\/parliament-passes-the-mineral-laws-amendment-bill-2020-will-promote-ease-of-doing-business\/","url_meta":{"origin":6204,"position":4},"title":"Parliament Passes The Mineral Laws (Amendment) Bill, 2020 &#8212; Will promote ease of doing business","author":"Bhumika Indulia","date":"March 12, 2020","format":false,"excerpt":"Parliament passed The Mineral Laws (Amendment) Bill, 2020 for amendments in Mines & Mineral (Development and Regulation) Act 1957 and The Coal Mines (Special Provisions) Act, 2015. Rajya Sabha passed the bill today while Lok Sabha already passed this bill on 6th March, 2020. 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