Company Law Amendments for Nov 2016 Exam:

'There are few notable Amendments in Company Law Syllabus applicable for November 2016 Exams, which are presented below'

a. Public Companies now need to file a Declaration with SEBI and RBI (Only Certain Companies) and obtain approval at the time of filing the Incorporation Documents with the ROC. Earlier, there is no such rule to get the approval.

b. Minimum Capital Requirements of Rs.1 Lakh and Rs.5 Lakh removed for Companies. Now Public and Private Companies don't have any such Minimum requirement.

c. In case of any Contravention in Accepting Deposits from Public, Companies now need to pay a Minimum fine of Rs.1 Crore and a Max of Rs.10 Crore.

d. Notice period for General Meetings reduced to 14 days. Earlier it is 21 days.

e. A Company need to serve documents only on such members who are holding at least Rs.1,000 in face value of shares or 1% of total paid  up share capital. Earlier, a company is bound to serve documents to all the members.

f. When a company goes for further issue of Share Capital, an Ordinary Resolution has to be passed. Earlier, it is SR.


The Following Sections are not applicable for Nov 2016 Exam:

Section 48: Variation of shareholders right

Section 66: Reduction of share capital

Section 75: damages for fraud

Section 97: Power of tribunal to call AGM

Section 98: Power of Tribunal to call meetings of members

Section 99: Punishment for default in complying with provisions of this section.


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