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SeCTion-WiSe AnAlySiS of The ComPAnieS (AmendmenT) ACT, 2017

u Further, any brought forward losses of the years prior to the
commencement of the Act, 2013 shall be deducted while cal-
culating net profit u/s 198.
223 Inspector’s report A copy of report submitted by inspector under Chapter XIV of
the Act, 2013 may be availed by members and creditors of the
company or by any other person whose interest is likely to be
affected.
247 Valuation by registered Any person who has a direct or indirect interest or becomes so
valuer interested at any time during a period of three years prior to
his appointment as valuer or three years after the valuation of
assets was conducted by him shall not be appointed as valuer.
366 Companies capable of being Pursuant to section 366 of the Act, 2013 any partnership firm, LLP,
registered cooperative society or any other business entity (“the Converting
Company”) may be converted into company limited by shares,
guarantee or unlimited company under the Act, 2013. Previously
the Converting Company were required to have minimum 7
members for conversion under section 366, however, the same has
been substituted with 2 or more members as the private company
can be incorporated with 2 or more members.
379 Application of Act to for- u It is clarified that Sections 380 to 386 (both inclusive) and
eign companies sections 392 and 393 shall apply to all foreign companies.
u Further, Central Government may exempt any class of foreign
companies, specified in the Order, from any of the provisions
the aforementioned sections.
u A copy of every such order shall, as soon as may be after it
is made, be laid before both the Houses of the Parliament.
384 Applicability of section Provisions of section 135 shall also apply to foreign companies,
135 to foreign companies subject to such exceptions, modifications and adaptations as may
be made therein by rules made under this Act, as they apply to
a company incorporated in India.
391 Application of sections 34 Provisions of Chapter XX shall apply mutatis mutandis for closure of
to 36 and Chapter XX the place of business of a foreign company in India as if it were
a company incorporated in India in case such foreign company
has raised monies through offer or issue of securities under this
Chapter which have not been repaid or redeemed, subject to the
provisions of section 376.
403 Fee for filing, Etc. u Annual filing forms if filed beyond the period specified in those
sections, it may be submitted, filed, registered or recorded, as
the case may be, after expiry of the period so provided in
those sections, on payment of such additional fee as may be
prescribed, which shall not be less than one hundred rupees
per day and different amounts may be prescribed for different
classes of companies. Higher additional fee will be imposed
in case of default on two or more occasions.
u Forms, other than annual filing forms, if filed beyond the
period specified in those sections, it may be submitted, filed,
registered or recorded, as the case may be, after expiry of
the period so provided in those sections, on payment of fees
as may be prescribed.

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