The Ministry of Law & Justice, on receipt of President’s assent on Wednesday, 03rd January, 2018 issued an Act to amend the Companies Act, 2013, which is to be called as “The Companies (Amendment) Act, 2017”.
The Companies (Amendment) Bill, 2017 was passed by the Lok sabha on July 27, 2017 and Rajya Sabha on December 19, 2017, which on receipt of the President, on January 3, 2018, came into force as The Companies (Amendment) Act, 2017.
It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision.
The said Amendment Act has been issued with a view to:
- provide more clarity on some issues stringent compliance requirements;
- facilitate ease of doing business in India in order to promote growth with employment;
- harmonization with accounting standards, the Securities and Exchange Board of India Act, 1992 and the regulations made thereunder, and the Reserve Bank of India Act, 1934 and the regulations made thereunder and
- rectifying omissions and inconsistencies in the Companies Act, 2013.
The official gazette issuing the Amendment Act, 2017 can be accessed from the following link:Companies (Amendment) Act, 2017