Implementation of New Companies Act

0
43

IndiaCSR News Network

NEW DELHI: The provisions of section 125 and section 132 of the Companies Act, 2013 respectively provide details about the constitution, powers and responsibility of the Investor Education and Protection Fund Authority (IEPFA) and National Financial Reporting Authority (NFRA). These sections are yet to be notified.

indiacsr logoThe draft Rules with regard to these two authorities have been prepared and placed on the website of this Ministry inviting comments/suggestions from stakeholders. Consultations have also been held with the Ministry of Finance and Controller General of Accounts (CGA) on the accounting and refund process for IEPFA. The draft Rules are expected to be notified during the year 2015-16.

Other provisions relating to investor protection such as Independent Directors, Committees of the Board, Appointment of small Shareholders Director, related party transactions, etc. have already been notified. Certain sections which require the functioning of National Company Law Tribunal and its appellate body are under litigation in the Supreme Court and have not been notified.

This information was given by Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.

Comments

comments

SHARE
Previous articleStrengthening of Corporate Governance in Companies
Next articleViolation of Provisions of Companies Act by Companies 
India CSR Network
India CSR Network is India's biggest and most trusted news portal in the domain of CSR & Sustainability. India CSR welcomes stories, statements, updates, reports on issues that interest you. Feedback, comments will make it more purposeful and resourceful. It is designed and maintained by India CSR Group. Contents are non-fiction. Though all efforts have been made to verify the accuracy, the same should not be construed as a statement of law or used for any legal purposes. In case of any ambiguity or doubts, readers are advised to verify with the source(s). Statement, articles, views and contributions can be sent to editor@indiacsr.in