CA/CS Updates

Chapter XXIII - Government Companies(Notified w.e.f. 01.04.14)
• Section 395 - Annual Reports where one or more State Governments are members of companies

Chapter XXII - Companies Incorporated Outside India (Notified w.e.f. 01.04.14)
• Section 380 - Documents, etc, to be delivered to Registrar by foreign companies
• Section 381 - Accounts of foreign company
• Section 384 - Debentures, annual return, registration of charges, books of account and their inspection
• Section 385 - Fee for registration of documents
• Section 386(a) – Interpretation [remaining provisions already notified in 2nd phase]
• Section 387 - Dating of prospectus and particulars to be contained therein
• Section 388 - Provisions as to expert’s consent and allotment
• Section 389 - Registration of prospectus
• Section 390 - Offer of Indian Depository Receipts
• Section 391(1) - Application of sections 34 to 36 and Chapter XX
• Section 392 - Punishment for contravention
• Section 393 - Company’s failure to comply with provisions of this Chapter not to affect validity of contracts, etc

Chapter XIII - Appointment and Remuneration of Managerial Personnel (Notified w.e.f. 01.04.14)
• Section 196 - Appointment of Managing director, Whole-time Director or Manager
• Section 197 - Overall maximum Managerial Remuneration and Managerial remuneration in case of absence or inadequacy of profits
• Section 198 - Calculation of Profits
• Section 199 - Recovery of remuneration in certain cases
• Section 200 - Central Government or company to fix a limit with regard to remuneration
• Section 201 - Forms of and procedure in relation to certain applications
• Section 203 - Appointment of key managerial personnel
• Section 204 - Secretarial audit for bigger companies
• Section 205 - Functions of company secretary

Chapter XII – Meetings of Board and its Powers Notified w.e.f. 01.04.14)
• Section 173 - Meetings of Board
• Section 174 – Quorum for meetings of Board
• Section 175 - Passing of Resolution by Circulation
• Section 177 - Audit Committee
• Section 178 - Nomination and Remuneration Committee and Stakeholders Relationship Committee
• Section 179 - Powers of Board
• Section 184 - Disclosure of interest by Director
• Section 186 - Loan and Investment by Company
• Section 187 - Investments of company to be held in its own name
• Section 188 - Related Party Transactions
• Section 189 - Register of contracts or arrangements in which directors are interested
• Section 190 - Contract of employment with Managing or Whole-time Directors
• Section 191 - Payment to director for loss of office, etc, in connection with transfer of undertaking property or shares
• Section 193 - Contracts by One Person Company

Chapter XI - Appointment and Qualifications of Directors (Notified w.e.f. 01.04.14)
• Section 149 - Company to have Board of Directors
• Section 150 - Manner of selection of independent directors and maintenance of data bank of Independent Directors
• Section 151 - Appointment of Directors elected by Small Shareholders
• Section 152 - Appointment of Directors
• Section 153 - Application for allotment of Director Identification Number
• Section 154 - Allotment of Director Identification Number
• Section 155 - Prohibition to obtain more than one Director Identification Number
• Section 156 - Director to intimate Director Identification Number
• Section 157 - Company to inform Director Identification Number to Registrar
• Section 158 - Obligation to indicate Director Identification Number
• Section 159 - Punishment for contravention
• Section 160 - Right of persons other than retiring directors to stand for directorship
• Section 161(2) - Appointment of Additional Director, Alternate Director and Nominee Director [remaining provisions already notified in 2nd phase]
• Section 164 - Disqualifications for appointment of director
• Section 165 - Number of directorships
• Section 166 - Duties of directors
• Section 167 -Vacation of office of Director
• Section 168 - Resignation of Director
• Section 169 - Removal of Directors [except sub- section (4)]
• Section 170 - Register of Directors and Key Managerial Personnel and their shareholding
• Section 171 – Members right to Inspect
• Section 172 - Punishment