Wednesday, March 26, 2014

Further Provisions of Companies Act, 2013 Notified

The Ministry of Corporate Affairs today issued a notification that brings into effect several provisions of the Companies Act, 2013 with effect from April 1, 2014. These include several substantive provisions that would affect the manner in which companies are managed.

A quick review of the notification suggests that the key provisions yet to be brought into force involve the National Company Law Tribunal (NCLT) that is yet to be established. This is because the provisions of the Act relating to NCLT have been challenged before the Supreme Court.

2 comments:

vswami said...

WRT the concluding para., some more information/ a brief account of,- what all are the other 'key' provisions still in 'Q' for being made effective, the grounds on which and by whom the set up of NCLT is being challenged and present status, and the like could have been useful for devoted readers,and concerned others.

vswami said...

Rider >

In thee context of the "challenge" reported to be pending before the SC, one perforce recalls the government's endeavor to have a like national tribunal for the purposes of/under the income-tax law, so also other taxation laws. Despite the IT Act has been amended and as per strong indications then given,the date of coming into effect of the related NTTA of 2005 was to be notified. Nonetheless,to the best of anyone's knowledge and earnest desire- contrary to the common belief/ expectation,- such a notification has remained to be made till date. None seems to have any knowledge, much less any concern so as to be bothered in the least about the fate /present status of the said governmental endeavor /move with a profoundly laudable objective as professed.

The fact that all such significant and important moves, - including the one aimed at "simplification" of tax laws (DTC)-going by common knowledge shelved indefinitely - continue to be given a positive signal and the initial step of a count-down yet to start,has , as ever, rendered the sincerity of the men in governance to take things forward suspect.
AS for the common men constituting the taxpaying community, so also the professionals in 'active' practice, seem to have no clue or definitive idea,- more so not even bothered to know-of genuine reasons/causes, if by chance any, for the incorrigible/detestable stalemate!
Is there Anyone exceptionally equipped with 'gyan'/'intimate knowledge, also have the mind and time to help by throwing any light?