{"id":7205,"date":"2015-05-28T12:05:00","date_gmt":"2015-05-28T12:05:00","guid":{"rendered":"http:\/\/localhost\/sccblog\/?p=7205"},"modified":"2015-10-29T10:48:12","modified_gmt":"2015-10-29T05:18:12","slug":"companies-amendment-act-2015","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2015\/05\/28\/companies-amendment-act-2015\/","title":{"rendered":"Companies (Amendment) Act, 2015"},"content":{"rendered":"<p style=\"text-align: justify;\"><span lang=\"EN-US\">The Companies (Amendment) Act, 2015 received the assent of the President on 25.05.2015. The Act amends the Companies Act, 2013 (referred hereto as the principal Act) by introducing following amendment in the said Act:<\/span><\/p>\n<ul style=\"text-align: justify;\" type=\"disc\">\n<li><span lang=\"EN-US\">Puts an end on the limit of \u2018minimum paid-up share capital of one lakh rupees or such higher paid-up share capital\u2019 for a company to be a \u2018private company\u2019, and \u2018minimum paid-up share capital of five lakh rupees or such higher paid-up share capital\u2019 for a company to be a \u2018public company\u2019.<\/span><\/li>\n<li><span lang=\"EN-US\">Omits the words \u201cand a common seal\u201d from Section 9.<\/span><\/li>\n<li><span lang=\"EN-US\">Omits Section 11, which puts limitations on a company having share capital to commence any business or exercise any borrowing powers.<\/span><\/li>\n<li><span lang=\"EN-US\">Substitutes Section 12 (3)(b) of the principal Act, with \u201c(b) have its name engraved in legible characters on its seal, <i>if any<\/i>\u201d.<\/span><\/li>\n<li><span lang=\"EN-US\">Substitutes the words \u201cunder its common seal\u201d in Section 22(2), with the words \u201cunder the common seal, <i>if any<\/i>\u201d, and inserts a proviso thereto which states that \u201cProvided that in case a company does not have a common seal, the authorization under this sub-section shall be made by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary\u201d. The Act also omits the words \u201cand have the effect as if it were made under its common seal\u201d in Section 22(3).<\/span><\/li>\n<li><span lang=\"EN-US\">Substitutes the words \u201cissued under the common seal of the company\u201d with the words \u201cissued under the common seal, <i>if any<\/i>, of the company or signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary\u201d in Section 46(1).<\/span><\/li>\n<li><span lang=\"EN-US\">Inserts a new Section 76A after Section 76 of the principal Act, which provides provision for penalty and punishment on the company and its officers who accepts or invites or allows or causes any other person to accept or invite on its behalf any public deposit in contravention of Section 73 and 76.<\/span><\/li>\n<li><span lang=\"EN-US\">Omits the word \u201cand\u201d at the end of Section 117(3)(g), and inserts a proviso thereto which states that \u201cProvided that no person shall be entitled under section 399 to inspect or obtain copies of such resolutions; and\u201d.<\/span><\/li>\n<li><span lang=\"EN-US\">Inserts a proviso after third proviso in Section 123(1), which states that \u201cProvided also that no company shall declare dividend unless carried over previous losses and depreciation not provided in previous year or years are set off against profit of the company for the current year\u201d.<\/span><\/li>\n<li><span lang=\"EN-US\">Amendment in Section 124 to provide that all shares in respect of which dividend has not been paid or claimed for seven consecutive years or more shall be transferred by the company in the name of Investor Education and Protection Fund, along with an explanation that in case any dividend is paid or claimed for any year during the said period of seven consecutive years, the share shall not be transferred to Investor Education and Protection Fund.<\/span><\/li>\n<li><span lang=\"EN-US\">Amendment in Section 143 to provide that where the auditor has a reasonable belief that a fraud had been committed in a company by its officer involving a sum lesser than the specified amount, the auditor shall report the matter to the audit committee or to the Board, instead of reporting it directly to the Central Government.<\/span><\/li>\n<li><span lang=\"EN-US\">Amendment in Section 185 to provide that after Section 185(1)(b) following clause and proviso to be inserted:<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><!--if !supportLists--><span lang=\"EN-US\">\u00d8\u00a0 <\/span><!--endif--><span lang=\"EN-US\">&#8220;(c) any loan made by a holding company to its wholly owned subsidiary company or any guarantee given or security provided by a holding company in respect of any loan made to its wholly owned subsidiary company; or<\/span><\/p>\n<p style=\"text-align: justify;\"><!--if !supportLists--><span lang=\"EN-US\">\u00d8\u00a0 <\/span><!--endif--><span lang=\"EN-US\">(d) any guarantee given or security provided by a holding company in respect of loan made by any bank or financial institution to its subsidiary company:<\/span><\/p>\n<p style=\"text-align: justify;\"><span lang=\"EN-US\">Provided that the loans made under clauses (c) and (d) are utilised by the subsidiary company for its principal business activities.&#8221;<\/span><\/p>\n<ul style=\"text-align: justify;\" type=\"disc\">\n<li><span lang=\"EN-US\">Substitution of words \u201cspecial resolution\u201d by the word \u201cresolution\u201d in Section 188 wherever they occur, along with insertion of a new proviso after third proviso in Section 188(1), which provides that the requirement of passing the resolution under first proviso shall not be applicable for transactions entered into between a holding company and its wholly owned subsidiary whose accounts are consolidated with such holding company and placed before the shareholders at the general meeting for approval.<\/span><\/li>\n<li><span lang=\"EN-US\">Substitutes the words, brackets and figures &#8220;the offences covered under sub-sections (5) and (6) of section 7, section 34, section 36, sub-section (1); of section 38, sub-section (5) of section 46, sub-section (7) of section 56, sub-section (10) of section 66, sub-section (5) of section 140, sub-section (4) of section 206, section 213, section 229, sub-section (1); of section 251, sub-section (3) of section 339 and section 448 which attract the punishment for fraud provided in section 447\u201d, with the words and figures <i>&#8220;offence covered under section 447&#8221;<\/i> in Section 212.<\/span><\/li>\n<li><span lang=\"EN-US\">Substitutes the words &#8220;by the seal&#8221; with the words &#8220;by the seal, <i>if any<\/i>&#8221; in Section 223(4)(a).<\/span><\/li>\n<li><span lang=\"EN-US\">Omits Section 248(1)(b), and inserts the word \u201cor\u201d after the word \u201cincorporation\u201d in Section 248(1)(a).<\/span><\/li>\n<li><span lang=\"EN-US\">Omits the words \u201cor winding up\u201d in Section 419(4).<\/span><\/li>\n<li><span lang=\"EN-US\">Amends Section 435 to provide establishment of special courts by the Central Government for speedy trial of offences \u201cpunishable under this Act with imprisonment of two years or more\u201d instead of \u201cevery offence punishable under this Act\u201d. The Act also inserts a proviso, which states that all other offences shall be tried by a Metropolitan Magistrate or a Judicial Magistrate of the First Class having jurisdiction to try any offence under this Act or under any previous company law.<\/span><\/li>\n<li><span lang=\"EN-US\">Amends Section 462, which provides power to exempt class or classes of companies from provisions of Companies Act, 2013.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><b><span lang=\"EN-US\">\u00a0<\/span><\/b><\/p>\n<p style=\"text-align: justify;\" align=\"right\"><b><span lang=\"EN-US\">-Ministry of Law &amp;Justice<\/span><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Companies (Amendment) Act, 2015 received the assent of the President on 25.05.2015. The Act amends the Companies Act, 2013 (referred hereto <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[],"class_list":["post-7205","post","type-post","status-publish","format-standard","hentry","category-foreign","category-legislationupdates"],"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) Act, 2015 | 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\/2015\/05\/28\/companies-amendment-act-2015\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Companies (Amendment) Act, 2015\" \/>\n<meta property=\"og:description\" content=\"The Companies (Amendment) Act, 2015 received the assent of the President on 25.05.2015. 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The amendment modifies Rule 6 which deals with Conversion of One Person Company into a Public company or a Private\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\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":265652,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/20\/minimum-paid-up-equity-share-capital-increased-from-five-lakh-to-ten-lakh-rupees-vide-nidhi-amendment-rules-2022\/","url_meta":{"origin":7205,"position":1},"title":"Minimum paid up equity share capital increased from five lakh to ten lakh rupees vide Nidhi (Amendment) Rules, 2022","author":"Bhumika Indulia","date":"April 20, 2022","format":false,"excerpt":"On April 19, 2022, the Ministry of Corporate Affairs has notified Nidhi (Amendment) Rules, 2022 to amend the Nidhi Rules, 2014. Key points: In rule 3A dealing with declaration of Nidhis, the following provisos shall be inserted: \"Provided also that no company, which has not complied with the requirements of\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\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":7200,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/05\/21\/regional-rural-banks-amendment-act-20151\/","url_meta":{"origin":7205,"position":2},"title":"Regional Rural Banks (Amendment) Act, 2015","author":"Sucheta","date":"May 21, 2015","format":false,"excerpt":"On 12.05.2015, the Regional Rural Banks (Amendment) Act, 2015 received the assent of the President. The objective of the Act is to amend the provisions of Regional Rural Banks Act, 1976, and provides for following amendments: Omits the words \u2018\u2018during the first five years of its functioning\u2019\u2019 in Section 3\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":7213,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/05\/28\/warehousing-corporations-amendment-act-2015\/","url_meta":{"origin":7205,"position":3},"title":"Warehousing Corporations (Amendment) Act, 2015","author":"Sucheta","date":"May 28, 2015","format":false,"excerpt":"The Warehousing Corporations (Amendment) Act, 2015 received the assent of the President on 13.05.2015. The Act amends the Warehousing Corporations Act, 1962 (referred hereto as the principal Act) by introducing following amendments in the said Act: Puts an end to the responsibility of the Central Government to guarantee the shares\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\/2015\/08\/parliamentSM.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":7003,"url":"https:\/\/www.scconline.com\/blog\/post\/2014\/12\/10\/securities-contracts-regulation-third-amendment-rules-2014\/","url_meta":{"origin":7205,"position":4},"title":"Securities Contracts (Regulation) Third Amendment Rules, 2014","author":"Sucheta","date":"December 10, 2014","format":false,"excerpt":"In a notification dated 18 November 2014, the Central Government, in exercise of powers conferred by Section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), hereby makes the Securities Contracts (Regulation) Third Amendment Rules, 2014 to further amend the Securities Contracts (Regulation) Rules,1957. The Rule substitutes sub-rule\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\/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":7047,"url":"https:\/\/www.scconline.com\/blog\/post\/2014\/12\/30\/securities-contracts-regulation-third-amendment-rules-20141\/","url_meta":{"origin":7205,"position":5},"title":"Securities Contracts (Regulation) Third Amendment Rules, 2014","author":"Sucheta","date":"December 30, 2014","format":false,"excerpt":"In a notification dated 18 November 2014, the Central Government, in exercise of powers conferred by Section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), hereby makes the Securities Contracts (Regulation) Third Amendment Rules, 2014 to further amend the Securities Contracts (Regulation) Rules,1957.The Rule substitutes sub-rule (2),\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\/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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/7205","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=7205"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/7205\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=7205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=7205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=7205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}