The New Companies Bill 2013

                                   

                The New Companies Bill 2013

The Companies Bill 2013 has been passed by the Parliament and it is under the absolute consideration of president's assent. So the brief information is available regarding the new provisions. Some major changes also made by the new Companies Bill which were not under the earlier bill for e.g. in the current bill video conference or other audio-visuals are permitted and the director participants through the video conferencing\other audio-visuals means will be counted for quorum.

        E- voting clause is also brought up by the new Companies Bill. It is noteworthy that new Companies Bill has added a clause in which one woman director is require to be on the board  of such class or classes of companies as may be prescribed. As per the current bill a Dormant Company is require to conduct two meetings in a year.

In the present bill there are some provisions in regard with Dormant Company  which says that Dormant Company formed under this Act for the future projects or to hold an assent or intellectual property and has no significant accounting transactions".

     In  the bill  significant transaction means the transaction other than-

·         Payment of fees by the company to the Registrar,

·         Payments made by it to fulfill the requirements of this act or any other Law.

·         Allotment of shares to fulfill the requirements of this act; and

·         Payments for maintenance of its office and record.

  There is also an another way through which company can get the status of "Dormant Company' for e.g. if the company is unable to maintain financial statement or annual returns for two years, registrar is authorize to issue a notice and can enter that company's name under the Dormant Company's register.

  However the mentioned information is not crystal clear because we have received the information from newspaper and other media resources.  Once the bill will be notified under the official gazette of Government of India then the mentioned information will be accurate to my knowledge.