Entri Blog
No Result
View All Result
Friday, September 29, 2023
  • State PSC
    • Kerala PSC
      • Kerala PSC Exams
      • Kerala PSC Notification
      • Kerala PSC Exam Calender
      • Kerala PSC Previous Question papers
      • KAS Exam
      • KAS Previous Year Question papers
      • Kerala PSC VEO Notification
      • Kerala Police SI
      • Kerala PSC LDC Notification
      • Kerala PSC LP/UP Assistant
      • Kerala PSC Village Field Assistant Notification
      • Kerala PSC LD Typist Notification
      • Kerala PSC Food Safety Officer
      • Kerala PSC Excise Inspector Notification
      • Kerala PSC BDO Notification
      • Kerala PSC CPO Notification
      • Kerala PSC LGS Notification
    • TNPSC
    • APPSC
    • TSPSC
    • BPSC
    • Karnataka PSC
    • MPPSC
    • UPPSC
  • Banking
    • IBPS PO Notification
    • IBPS Clerk Notification
    • SBI PO Notification
    • SBI Clerk Notification
    • SBI SO Notification
    • SBI Apprentice Notification
    • Canara Bank PO Notification
    • Indian Bank PO Notification
    • RBI Assistant Notification
    • RBI Office Attendant Notification
    • IBPS RRB Notification
    • IBPS RRB Office Assistant Notification
  • Govt Exams
    • Railway
    • SSC
  • Skilling
    • Coding
    • Spoken English
    • Stock Marketing
  • Courses
    • Data Science Course
      • Data Science Malayalam
      • Data Science Training in Kochi
      • Data Science Training in Trivandrum
      • Data Science Course in Calicut
      • Data Science Training in Thrissur
    • Full Stack Developer Course
      • Full Stack Development Malayalam
      • Full Stack Development Hindi
      • Full Stack Development Tamil
      • Full Stack Development Telugu
      • Full Stack Development Kannada
    • Stock Market Course
      • Stock Market Course in Malayalam
      • Stock Market Course in Tamil
      • Stock Market Course in Kannada
      • Options Trading Course
    • Spoken English Course
      • Spoken English Course in Malayalam
      • Spoken English Course in Hindi
      • Spoken English Course in Telugu
      • Spoken English Course in Tamil
      • Spoken English Course in Kannada
    • Python Programming Course
    • Quantity Surveying Course
    • Performance Marketing Course
    • Practical Accounting Course
      • Tally Course
      • Taxation Course
      • UAE Accounting
      • GST Course
    • Mern Stack Developer Course
      • Full Stack Developer Course in Kochi
      • Full Stack Developer Course in Trivandrum
      • Full Stack Developer Course in Calicut
      • Full Stack Developer Course in Pune
      • Full Stack Developer Course in Bangalore
      • Full Stack Developer Course in Hyderabad
      • Full Stack Developer Course in Chennai
      • Full Stack Developer Course in Coimbatore
      • Full Stack Developer Course in Indore
      • Full Stack Developer Course in Jaipur
    • Other Courses
      • Montessori Teacher Training
      • MEP Course
      • German Language Course
      • OET Coaching
      • Nurses Recruitment Abroad
      • Digital Marketing Training
      • ChatGPT Course
      • Forex Trading Course
      • Yoga Teacher Training Course
  • Others
    • GATE
    • MAT
    • KMAT
    • UPSC
    • TET
      • APTET
      • CTET
      • DSSSB
      • Karnataka TET
      • Kerala TET
      • KVS
      • MPTET
      • SUPER TET
      • TNTET
      • TSTET
      • UPTET
  • Aptitude Questions
Spoken English
Entri Blog
  • State PSC
    • Kerala PSC
      • Kerala PSC Exams
      • Kerala PSC Notification
      • Kerala PSC Exam Calender
      • Kerala PSC Previous Question papers
      • KAS Exam
      • KAS Previous Year Question papers
      • Kerala PSC VEO Notification
      • Kerala Police SI
      • Kerala PSC LDC Notification
      • Kerala PSC LP/UP Assistant
      • Kerala PSC Village Field Assistant Notification
      • Kerala PSC LD Typist Notification
      • Kerala PSC Food Safety Officer
      • Kerala PSC Excise Inspector Notification
      • Kerala PSC BDO Notification
      • Kerala PSC CPO Notification
      • Kerala PSC LGS Notification
    • TNPSC
    • APPSC
    • TSPSC
    • BPSC
    • Karnataka PSC
    • MPPSC
    • UPPSC
  • Banking
    • IBPS PO Notification
    • IBPS Clerk Notification
    • SBI PO Notification
    • SBI Clerk Notification
    • SBI SO Notification
    • SBI Apprentice Notification
    • Canara Bank PO Notification
    • Indian Bank PO Notification
    • RBI Assistant Notification
    • RBI Office Attendant Notification
    • IBPS RRB Notification
    • IBPS RRB Office Assistant Notification
  • Govt Exams
    • Railway
    • SSC
  • Skilling
    • Coding
    • Spoken English
    • Stock Marketing
  • Courses
    • Data Science Course
      • Data Science Malayalam
      • Data Science Training in Kochi
      • Data Science Training in Trivandrum
      • Data Science Course in Calicut
      • Data Science Training in Thrissur
    • Full Stack Developer Course
      • Full Stack Development Malayalam
      • Full Stack Development Hindi
      • Full Stack Development Tamil
      • Full Stack Development Telugu
      • Full Stack Development Kannada
    • Stock Market Course
      • Stock Market Course in Malayalam
      • Stock Market Course in Tamil
      • Stock Market Course in Kannada
      • Options Trading Course
    • Spoken English Course
      • Spoken English Course in Malayalam
      • Spoken English Course in Hindi
      • Spoken English Course in Telugu
      • Spoken English Course in Tamil
      • Spoken English Course in Kannada
    • Python Programming Course
    • Quantity Surveying Course
    • Performance Marketing Course
    • Practical Accounting Course
      • Tally Course
      • Taxation Course
      • UAE Accounting
      • GST Course
    • Mern Stack Developer Course
      • Full Stack Developer Course in Kochi
      • Full Stack Developer Course in Trivandrum
      • Full Stack Developer Course in Calicut
      • Full Stack Developer Course in Pune
      • Full Stack Developer Course in Bangalore
      • Full Stack Developer Course in Hyderabad
      • Full Stack Developer Course in Chennai
      • Full Stack Developer Course in Coimbatore
      • Full Stack Developer Course in Indore
      • Full Stack Developer Course in Jaipur
    • Other Courses
      • Montessori Teacher Training
      • MEP Course
      • German Language Course
      • OET Coaching
      • Nurses Recruitment Abroad
      • Digital Marketing Training
      • ChatGPT Course
      • Forex Trading Course
      • Yoga Teacher Training Course
  • Others
    • GATE
    • MAT
    • KMAT
    • UPSC
    • TET
      • APTET
      • CTET
      • DSSSB
      • Karnataka TET
      • Kerala TET
      • KVS
      • MPTET
      • SUPER TET
      • TNTET
      • TSTET
      • UPTET
  • Aptitude Questions
No Result
View All Result
Entri Blog
Spoken Eng
  • HTML Tutorial
  • DSA Tutorials
  • Tutorials in Hindi
    • HTML Tutorial for Beginners in Hindi
    • Python Tutorial for Beginners in Hindi
    • GIT and GITHUB Tutorial for Beginners in Hindi
  • Tutorials in Tamil
    • JavaScript Tutorial in Tamil
  • Tutorials in Telugu
    • HTML Tutorial For Beginners in Telugu
    • CSS Tutorial for Beginners in Telugu
    • Bootstrap Tutorial for Beginner in Telugu
  • Tutorials in Kannada
    • HTML Tutorial For Beginners in Kannada
banner top article banner top article
Home Articles

The Companies (Amendment) Bill 2019 definition and Highlights

by Anjely Aravindan
July 16, 2022
in Articles, General Knowledge
The Companies (Amendment) Bill 2019 definition and Highlights
Share on FacebookShare on WhatsAppShare on Telegram

Table of Contents

  • The Companies (Amendment) Bill 2019 definition
  • The Companies (Amendment) Bill 2019 Highlights

The Companies (Amendment) Bill was submitted to Lok Sabha on July 25, 2019. The Companies (Amendment) Bill was presented by the Minister of Finance, Ms. Nirmala Sitharaman. The Companies (Amendment) Bill was introduced in the year 2019. The Companies Act of 2013 was amended by the Companies (Amendment) Bill of 2019. Disbursement of dematerialized claims is available for the Companies (Amendment) Bill. The individual categories of public institutions are needed to allocate shares in dematerialized layout under the Companies (Amendment) Bill. The Companies (Amendment) Bill comprises clauses that are necessary to understand the significance of the bill. The Bill declares a strong clause under the category as it is stipulated for other types of unregistered organizations or companies also.

Debarring auditors is coming under the same category. To be careful while dealing with a company, we need to face many challenges. The National Financial Reporting Authority can dismiss and bebar a partner or company from rehearsing as a Chartered Accountant. If they have worked for a term between six months to 10 years and they are verified of malfeasance will be heavily charged.  The Bill works for the penalty to furnish for dismissing or debarring from selection as an auditor or interior auditor of a group. The term can also be applied to those who are completing a business’s valuation for a term. The term can be verified between six months to 10 years.

The Companies (Amendment) Bill 2019 definition

When the CSR allocations are resolved to straightforward abiding schemes, then the unspent accounts will have to be repositioned to a CSR stand-in within 30 days of the monetary year. The amount that has been withdrawn and expended within three years should be verified thoroughly. Any accounts staying unused after three years should be precisely transferred to one of the funds under Schedule 7 of the Act.  Any breach may draw a penalty between Rs 50,000 and Rs 25,00,000 and every defaulting authority may be penalized with the internment of up to three years or a penalty between Rs 50,000 and Rs 25,00,000. So, be careful while assessing the statements.

Re-categorisation of specific violations is the next important session that is coming under the category of the Companies (Amendment) Bill. The 2013 Act possesses 81 compoundable violations. These  81 compoundable violations turned out to be punishable with a fine or detention, or imprisonment along with the fine. These offenses are attended by benches. The 16 of these violations are categorized by the benches as civil defaults. Bill re-categorizes find violations seriously punishable under the law.

Ace to bpsc police constable salary here!

The adjudicating administrators who are designated by the central government of India may currently charge punishments or rather penalties. The offenses that are punishable under the bill categorization include the following offenses. The interested readers can note down the important offenses coming under the specific categories. The disbursement of stakes at a bargain, and negligence to whet annual rescue. The Bill amends the punishments for some different offenses. The charges should be remitted for the registration. According to the bill,  the companies need to report amounts on their belongings within 30 days of the outcome of control. There is a provision where it is extendable up to 300 days with the authorization of the RoC. The Bill alters the 60 days of the deadline.

The Bill remarks that a group may not initiate trade unless it buffs a statement within 180 days of incorporation, guaranteeing that every subscriber to the Memorandum of the business has delivered for the claims arranged to be handled by that particular individual. The files are taken for a thorough assurance of their documented oration with the RoC within 30 days of incorporation.  If it fails to concede with these conditions and is located not to be assuming out enterprise, its representation of the establishment may be withdrawn from the Register of Companies.

Underneath the Act, the National Company Law Tribuna should accept and shall be endorsed a transformation in the economic year for an establishment associated with an unfamiliar corporation. The alteration in the incorporation record of a general corporation which has the consequence of restoring it to a personal corporation has to be backed by the Tribunal.

The central government has the power to do the necessary changes and has given the authority to make changes as per the guidance. In addition to it,  a provincial supervisor can resolve offenses with a punishment of up to five lakh rupees.  The Bill improves this roof to Rs 25 lakh. The central government can involve the NCLT for comfort against the improper management of the happenings of the establishment.  The Bill notes that in such an objection, the government may also create a claim against an official of the corporation on the basis that the individual is not equipped to bear headquarters in the establishment, for bases such as forgery or neglect.  The  NCLT can decree a charge against the authority.

The officer will not be able to hold any office in the company for the upcoming five years. If somebody harbors wholesome welfare of at least 25% stakes in a group, institution, or company, or wields influential effect or governance over the league, the individual is directed to make a representation of his welfare.  The Bill demands every organization to bring efforts to recognize an individual who is a substantially profitable landlord and demand their subordination under the Act.

Ace to bpsc apo job profile here!

The Companies (Amendment) Bill 2019 Highlights

Let’s look into Corporate Social Responsibility (CSR) now. Underneath the Act of Companies (Amendment) Bill, if corporations that are unwilling to deliver for CSR, do not completely disburse the reserves, they must divulge the explanations for non-spending in their yearly stock description. The unspent annual CSR budgets must be deeded to one of the accounts under Schedule 7 of the Act within six months of the economic year.

The Companies (Amendment) Bill, 2019 has been placed before the Parliament on 25 July 2019. While Bill, 2019 is largely to enact into Parliamentary law the provisions already promulgated by way of the Presidential Ordinance, the Bill also brings some interesting changes.

The key feature of the Bill is to replace the existing system of judicial prosecution for offenses with a departmental process of imposition of penalties. As a result, while the monetary burden on companies may go up, offenders will not be having to face criminal courts and the stigma attached with the same.

Some of the other highlights of the changes are as follows. Notably, amendments were made by the Companies (Amendment) Act, 2017 effective from 10th September 2018 effective from 2nd October 2018, whereby all public unlisted companies were required to ensure that the issue and transfer of securities shall henceforth be done in dematerialized mode only. This provision alone had brought about major cleansing of the system, as in lots of cases, shareholding records included men of straw. However, the reality of India’s corporate sector is private companies, constituting roughly 90% of the total number of incorporated companies.

The key feature of the Bill is to replace the existing system of judicial prosecution for offenses with a departmental process of imposition of penalties. As a result, while the monetary burden on companies may go up, offenders will not be having to face criminal courts and the stigma attached with the same.

The Entri App can help the candidates to secure the highest scores for any of the competitive exams. The Entri team can help the candidates to cope up with the difficulty level of the exam. The expert coaching and the test series can help the candidates to grab more opportunities.

Attempt Kerala PSC Mock Test! Download Entri App here!

Share61SendShare

Anjely Aravindan

An Assistant Professor in English Language and Literature, who passionately worships the Muse of Writing. A predilection towards words keeps up her spirit of writing blogs of different genres.

Related Posts

Kerala PSC Assistant Sub Inspector Notification 2023 PDF: Apply Link, Vacancy, Eligibility
Articles

Kerala PSC Assistant Sub Inspector (ASI) Notification 2023 PDF: Apply Link, Vacancy, Eligibility

September 27, 2023
Kerala PSC Store Keeper Notification 2023 Out: Apply Link, Eligibility, Vacancy
Articles

Kerala PSC Store Keeper Notification 2023: Apply Link, Eligibility, Vacancy

September 27, 2023
Kerala PSC LD Typist Notification 2023 - Vacancy, Salary, Eligibility
Articles

Kerala PSC LD Typist Notification 2023 PDF: Apply Link, Vacancy, Eligibility

September 27, 2023
Next Post
How to Get Success in TNPSC Group 4 Exams? Self-Preparation Tips

How to Get Success in TNPSC Group 4 Exams? Self-Preparation Tips

Latest Posts

  • Kerala PSC Assistant Sub Inspector (ASI) Notification 2023 PDF: Apply Link, Vacancy, Eligibility
  • Kerala PSC Store Keeper Notification 2023: Apply Link, Eligibility, Vacancy
  • Kerala PSC LD Typist Notification 2023 PDF: Apply Link, Vacancy, Eligibility
  • Kerala Police Constable Recruitment 2023: Notification PDF, Apply Date
  • Kerala PSC Overseer Grade I (Electrical) Notification 2023: Download PDF, Apply Link

Trending Posts

  • states of india and their capitals and languages

    List of 28 States of India and their Capitals and Languages 2023 – PDF Download

    152042 shares
    Share 60814 Tweet 38009
  • List of Government Banks in India 2023: All you need to know

    65081 shares
    Share 26032 Tweet 16270
  • KSDA Recruitment 2023 Apply Online for 9264 FDA SDA Posts – Qualification

    8835 shares
    Share 3534 Tweet 2209
  • TNPSC Group 2 Posts and Salary Details 2022

    39922 shares
    Share 15969 Tweet 9981
  • New Map of India with States and Capitals 2023

    31826 shares
    Share 12730 Tweet 7956

Courses

  • Data Science Course
  • Full Stack Developer Course
  • Data Science Course in Malayalam
  • Full Stack Developer Course in Malayalam
  • Full Stack Developer Course in Hindi
  • Full Stack Developer Course in Tamil
  • Full Stack Developer Course in Telugu
  • Full Stack Developer Course in Kannada
  • Python Programming Course
  • Practical Accounting Course
  • Quantity Surveying Course
  • Stock Market Course
  • Stock Market Course in Malayalam
  • Stock Market Course in Tamil
  • Stock Market Course in Kannada
  • Options Trading Course

Company

  • Become a teacher
  • Login to Entri Web

Spoken English Courses

  • Spoken English Course
  • Spoken English Course in Malayalam
  • Spoken English Course in Hindi
  • Spoken English Course in Tamil
  • Spoken English Course in Telugu
  • Spoken English Course in Kannada
  • Spoken English Course for Housewives
  • Spoken English Course for Working Professionals
  • Spoken English Course for School Students
  • Spoken English Course for College Students
  • Spoken English Course for Job Seekers
  • AI Powered Spoken English Course

Quick Links

  • Aptitude Questions
  • Articles
  • Videos
  • Entri Daily Quiz Practice
  • Current Affairs & GK
  • News Capsule – eBook
  • Preparation Tips
  • Kerala PSC Gold
  • Entri Skilling
  • Kerala PSC

Other Courses

  • OET Coaching Classes
  • Nurse Recruitment Abroad
  • Forex Trading Course
  • Montessori Teachers Training
  • Performance Marketing Course
  • German Language Course
  • MEP Course

Popular Exam

  • IBPS Exam
  • SBI Exam
  • Railway RRB Exam
  • Kerala PSC
  • Tamil Nadu PSC
  • Telangana PSC
  • Andhra Pradesh PSC
  • MPPSC
  • UPPSC
  • Karnataka PSC
  • Staff Selection Commission Exam

© 2021 Entri.app - Privacy Policy | Terms of Service

No Result
View All Result
  • State PSC
    • Kerala PSC
      • Kerala PSC Exams
      • Kerala PSC Notification
      • Kerala PSC Exam Calender
      • Kerala PSC Previous Question papers
      • KAS Exam
      • KAS Previous Year Question papers
      • Kerala PSC VEO Notification
      • Kerala Police SI
      • Kerala PSC LDC Notification
      • Kerala PSC LP/UP Assistant
      • Kerala PSC Village Field Assistant Notification
      • Kerala PSC LD Typist Notification
      • Kerala PSC Food Safety Officer
      • Kerala PSC Excise Inspector Notification
      • Kerala PSC BDO Notification
      • Kerala PSC CPO Notification
      • Kerala PSC LGS Notification
    • TNPSC
    • APPSC
    • TSPSC
    • BPSC
    • Karnataka PSC
    • MPPSC
    • UPPSC
  • Banking
    • IBPS PO Notification
    • IBPS Clerk Notification
    • SBI PO Notification
    • SBI Clerk Notification
    • SBI SO Notification
    • SBI Apprentice Notification
    • Canara Bank PO Notification
    • Indian Bank PO Notification
    • RBI Assistant Notification
    • RBI Office Attendant Notification
    • IBPS RRB Notification
    • IBPS RRB Office Assistant Notification
  • Govt Exams
    • Railway
    • SSC
  • Skilling
    • Coding
    • Spoken English
    • Stock Marketing
  • Courses
    • Data Science Course
      • Data Science Malayalam
      • Data Science Training in Kochi
      • Data Science Training in Trivandrum
      • Data Science Course in Calicut
      • Data Science Training in Thrissur
    • Full Stack Developer Course
      • Full Stack Development Malayalam
      • Full Stack Development Hindi
      • Full Stack Development Tamil
      • Full Stack Development Telugu
      • Full Stack Development Kannada
    • Stock Market Course
      • Stock Market Course in Malayalam
      • Stock Market Course in Tamil
      • Stock Market Course in Kannada
      • Options Trading Course
    • Spoken English Course
      • Spoken English Course in Malayalam
      • Spoken English Course in Hindi
      • Spoken English Course in Telugu
      • Spoken English Course in Tamil
      • Spoken English Course in Kannada
    • Python Programming Course
    • Quantity Surveying Course
    • Performance Marketing Course
    • Practical Accounting Course
      • Tally Course
      • Taxation Course
      • UAE Accounting
      • GST Course
    • Mern Stack Developer Course
      • Full Stack Developer Course in Kochi
      • Full Stack Developer Course in Trivandrum
      • Full Stack Developer Course in Calicut
      • Full Stack Developer Course in Pune
      • Full Stack Developer Course in Bangalore
      • Full Stack Developer Course in Hyderabad
      • Full Stack Developer Course in Chennai
      • Full Stack Developer Course in Coimbatore
      • Full Stack Developer Course in Indore
      • Full Stack Developer Course in Jaipur
    • Other Courses
      • Montessori Teacher Training
      • MEP Course
      • German Language Course
      • OET Coaching
      • Nurses Recruitment Abroad
      • Digital Marketing Training
      • ChatGPT Course
      • Forex Trading Course
      • Yoga Teacher Training Course
  • Others
    • GATE
    • MAT
    • KMAT
    • UPSC
    • TET
      • APTET
      • CTET
      • DSSSB
      • Karnataka TET
      • Kerala TET
      • KVS
      • MPTET
      • SUPER TET
      • TNTET
      • TSTET
      • UPTET
  • Aptitude Questions

© 2021 Entri.app - Privacy Policy | Terms of Service