Page 34 - Corporate_Professional_Today

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

148 Cost Audit Term cost accountant in practice has been substituted by cost
accountant as the same has been defined. Further, Institute of
Cost and Works Accountants of India has been changed with
Institute of Cost Accountants of India,
194 Forward dealing in securities The change relates to omission of the provisions relating to
of company by directors prohibition on forward dealings in securities of the company by
or KMP director or key manager personnel, as these are covered under
SEBI Regulations.
195 Prohibition on insider The change relates to omission of provisions relating to insider
trading of securities trading already covered under the SEBI Regulations.
200 Company to fix the limit In line with the changes made under section 197 of the Act, 2013
with regard to remuneration whereby requirement to obtain central government has been done
away with, section 200 is not applicable on Central Government.
201 Forms of, and procedure In line with the amendments made under section 197 of the Act,
in relation to, certain 2013, term “this Chapter’ has been substituted with section 196,
applications as the requirement to obtain central government’s approval under
section 197 has been removed.
236 Acquisition of minority The change clarifies that the term transferor-company means a
shareholding company whose shares are being transferred.
374 Obligations of companies Change clarifies that upon conversion into company under Act,
registering under Chapter 2013, LLP registered under LLP Act, 2008 shall be deemed as
XXI dissolved.

Amendments to penalties/fine

Section To be imposed To be imposed for Under Act, Amendment Act,
on 2013 2017
42 Company, Contravention of sec- Fine upto an amount Amount involved under
promoters and tion 42 involved under private private placement or INR
directors placement or INR 2 crore, 2 crore, whichever is
whichever is higher. lower.
76A Company Contravention of provi- In addition of payment In addition of payment
sions or timelines sec- of amount of deposit, of amount of deposit,
tion 73 or 76 or rule fine not less than INR fine not less than INR 1
thereunder 1 crore which may be crore or twice the amount
extended upto INR 10 of deposit accepted by
crore the company, whichever
is lower.
76A Officer in default Contravention of provi- u Imprisonment upto 7 Imprisonment upto 7
sions or timelines section years years and fine which
73 or section 76 or rule u Fine not less than INR shall not be less than
thereunder 25 lakhs which may INR 25 Lakhs.
extend upto INR 2
crore
u Both
117 Company Failure to file resolution Fine not less than INR 5 Fine of not less than
or agreements under sec- Lakhs which may extend INR 1 Lakhs which may
tion 117(1) upto INR 25 Lakh extend upto INR 25 Lakh

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January 20 To January 26, 2018 u Taxmann’s Corporate Professionals Today u Vol. 41 u 35