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On 07th December, 2016, the Central Government of India, in exercise of powers conferred under sub-section 3 of section 1 of the Companies Act, 2013, notified the following sections of the Companies Act, which are made effective from 15th December, 2016.
Sections Notified Sections Notified Section 2(23)
Section 7(7) (c)&(d )
Sections 230 [except sub-section (11) and (12)], 231, 233
Section 235- 240
Section 434(1)(c )
Sections 248-252 have been made effective from 26th December, 2016
On 14th December, 2016, The Central Government of India, in exercise of powers conferred under section 469 read with Sections 230 – 233 and sections 235-240 of the Companies Act, 2013 which were made effective from 15th December, 2016, notified Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.
Thus, Compromises, Arrangement and Amalgamations after 14.12.2016, shall have to comply with the provisions of section 230-233, 235-240 read with aforementioned rules made there under:
- Companies have to make an application to NCLT in form NCLT-1 instead of making of application with High Court.
On 15th December, 2016, the Central Government of India, in exercise of powers conferred under sections 469 read with Section 66 of the Companies Act, 2013 notified NCLT (Procedure for reduction of share capital of company) Rules, 2016.
In the aforementioned rules, a detailed procedure along with the forms in which the Company, proposing to reduce its share capital, has to make an application with NCLT. (i.e., RSC-1 – Application to NCLT for reduction of capital) has been prescribed.
On 20th December, 2016, the Central Government of India, in exercise of powers conferred under sections 469 of the Companies Act, 2013 published National Company Law Tribunal (Amendment) Rules, 2016, amending/inserting the following rules of National Company Law Tribunal Rules, 2016:
AMENDMENTS INSERTIONS Rule 2 clause (5) & (9) Rule 23A - Presentation of joint petition Rule 25 Rule 38A - Multiple Remedies Rule 27(1) Rule 68A - Application to cancel variation of rights Rule 38 (1) & 38(2) Rule 76A- Application under section 130 Rule 112 (3) Rule 83A- Application under sub-section (1) of section 244
Omissions - Rule 69(3), Rule 70(6) shall be omitted
On 26th December, 2016, the Central Government of India, in exercise of powers conferred under sections 248, in supersession to Companies (Central Government) General Rules and Forms, 1956 introduced Companies (Removal of names of companies from the Register of Companies) Rules 2016.
Thus, the Companies proposing to strike off their name shall have to make an application in form STK-2 along with all the documents prescribed in the aforementioned rules instead of form FTE.
On 29th December, 2016, the Central Government of India, in exercise of powers conferred under sections 469 of the Companies Act, 2013 has issued the Companies (Incorporation) Fifth amendment rules, 2016 further to amend the Companies (incorporation) Rules, 2014.
On 19th December, 2016, in supersession to all previous delegations, Central Government delegates to the Regional Directors at Mumbai, Kolkata, Chennai, New Delhi, Ahmedabad, Hyderabad and Shillong, the powers and functions vested in it under the following sections of the said Act,
Sections Sections Section 8(4)(i)
Section 13(4) & (5)
Section 233(2), (3), (4), (5), (6)
Section 272 (3)
Section 361-362, 364-365
Section 399 (1) (i)