{"id":32200,"date":"2018-10-29T13:03:25","date_gmt":"2018-10-29T07:33:25","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=32200"},"modified":"2018-10-29T13:03:25","modified_gmt":"2018-10-29T07:33:25","slug":"amended-companies-act-notified","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/amended-companies-act-notified\/","title":{"rendered":"Amended companies act notified\u00a0"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/business\/Industry\/amended-companies-act-notified\/article22398765.ece\"><strong>Amended companies act notified<\/strong><\/a><strong>\u00a0<\/strong><\/p>\n<p><strong>Context<\/strong><\/p>\n<p>The government on Monday announced that it has notified the Companies (Amendment) Act 2017, which is set to ease the implementation of the Insolvency and Bankruptcy Code 2016<\/p>\n<p><strong>Changes to impact share issuance at discount, managerial remuneration<\/strong><\/p>\n<p>The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette.<\/p>\n<p>A few provisions in the Amendment Act have important bearing on the working of the Insolvency and Bankruptcy Code 2016.<\/p>\n<p><strong>Section 53<\/strong><\/p>\n<p>Currently, Section 53 of the Companies Act 2013 prohibits the issuance of shares at a discount, something the new Act has changed.<\/p>\n<p><strong>Section 197<\/strong><\/p>\n<p>Similarly, Section 197 of the Companies Act 2013 requires the approval of the company in a general meeting for the payment of managerial remuneration in excess of 11% of the net profits.<\/p>\n<p><strong>Prior approval needed<\/strong><\/p>\n<p>The amended Act says that in case of payment default, \u201c&#8230; the prior approval of the bank or public financial institution concerned or the non-convertible debenture holders&#8230; for such payment of managerial remuneration shall be obtained by the company before obtaining the approval in the general meeting.\u201d<\/p>\n<p><strong>Restriction on valuers<\/strong><\/p>\n<ul>\n<li>Section 247 of the Companies Act 2013 prohibits a registered valuer from undertaking valuation of assets in which he has a direct or indirect interest.<\/li>\n<li>Amendments limit the prohibition to three years prior to a valuer\u2019s appointment or three years after the valuation was conducted<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Amended companies act notified\u00a0 Context The government on Monday announced that it has notified the Companies (Amendment) Act 2017, which is set to ease the implementation of the Insolvency and Bankruptcy Code 2016 Changes to impact share issuance at discount, managerial remuneration The provisions of this Amendment Act shall come into force on the date&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/amended-companies-act-notified\/\">Continue reading <span class=\"screen-reader-text\">Amended companies act notified\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-32200","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704859555},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/32200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=32200"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/32200\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=32200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=32200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=32200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}