Companies Act

Introduction

The Workshop will focus on amendments proposed to the Companies Act, 2013 and the Rules there under dealing with Accounting, Auditing, Risk and Governance as proposed by the Company Law Committee which are effective from 1st April 2022

Course Content

1. Amendment to Section 2(41); Certain companies to be allowed to realign their financial year in line with India where they cease to be associated with a foreign entity.
2. Amendment to the chapter- IV; Proposal to recognize the Issuance and holding of fractional shares
3. Amendment to section 62 (1); Proposal to recognise issuance of Restricted Stock Units (RSUs) and Stock Appreciation Rights (SARs) to employees
4. Amendment to section 53; Distressed companies to be allowed to issue shares at a discoun t.
5. Amendment to Section 164(1); Mandatory Cooling-off period before auditors become directors
6. Amendment to Section 196(3); Mandatory Cooling-off period before a person who ceased to be an Independent Director become MD,WTD or manager.
7. Amendment to Section 168; Empower the Key Managerial Personnel (KMPs) to file their resignation to RoC on their own.
8. Revision of provision on Disqualification and Vacatio n of Director’s office
9. Amendment to Section 252; Easing of restoration of struck off companies
10. Insertion of a new chapter for recognizing special purpose acquisition companies (SPACs)
11. Holding of AGM/EGM in physical/virtual/hybrid mode
12. Maintaining Statutory Registers through electronic platform
13. Amendments in Section 124(5) – Inclusion of unpaid/unclaimed dividend in respect of securities to be transferred by company
14. Amendments in Section 125(3)(a) – Inclusion in the list of purpose for which the IEPF may be utilized
15. Insertion of new sub-section 125(12) – Delegation of powers by authority
16. Amendment in Section 125(2) –Amount credited to IEPF
17. Amendments in Section 132 – NFRA
18. Amendments in Section 144 – Enable CG to prescribe a separate list prohibiting non-audit services
19. Amendment in Section 140(2) – Resignation of auditor
20. Amendment in Section 139(3) – Mandatory joint audit for certain companies
21. Amendment in Section 143(1) – Auditor of holding company to comment on true and fair view of each subsidiary company
22. Inclusion of the new concept ‘Forensic Audit’ under Companies Act, 2013
23. Standardized format for qualification made by auditor
24. Setting up Risk Management Committee
25. Amendments in Section 149 – Clarification on term of Independent director(ID)