Provisions Under New Companies
Bills 2013
Under the new Companies Bill some major
changes have been made since the bill is yet under the consideration of the president
of India so the brief scenario is available. There are some major changes
which have been made by the new Companies Bills, are as follows:-
Number of members:
In the new Companies Bill the number
of members of Private company has been changed so now it is 200 in the earlier
bill it used to be 50.
Number of Directors:
The Minimum Number of Directors in
regard with Public Company is Three and
in case of Private Company it is Two.
Woman Director:
Under the new Bill there is also a
provision for Woman director. 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.
Resident Director:
In
the New bill it is mentioned that in every company there should be one Resident
Director who has stayed in India not less than "One Hundred and Eight-two days" in the previous calendar
year.
Key Managerial Person (KMP):
Key Managerial Person i.e. KMP
includes "The Chief Executive Officer" or "Managing
Director" or "Manager" and it also includes "Company
Secretary (C.S)" , "Full- Time Director", "The Chief
Financial Officer".
Concept of Dormant Companies:
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 new Companies 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.
And as per the
current bill a Dormant Company is require to conduct two meetings in a year.
Concept of
Foreign Company:
foreign company means
a "company incorporated outside India and has a place of
business in India through an agent (agent could be a Human Being or any medium
of Electronic Mode).
Board Meeting:
Seven days' prior
notice is require to give for the
Conduct of Board Meeting and the notice can be send through the Electronic
means to every director at his respective registered address.
Annual General
Meeting (AGM)
The first AGM should
be held within a period of Nine months and one
more notable thing which says that meetings cannot be held on National
Holidays.
Some other
Important Changes are as follows:
· Members are allowed to vote at
meetings by Electronic Means.
· Postal Ballot provisions will be applicable
to all companies.
· In the current bill video conference
or other Audio-Visuals are permitted. The director's 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.
