Key Highlights of The Companies (Amendment) Bill, 2017
Declaration :- For incorporation of company declaration will be required instead of affidavits
Name reservation:- Name reservation in case of new company shall be valid for 20 days from date of approval instead of 60 days from the date of application.
AGM of unlisted company :- .Annual General Meeting of unlisted company can be held anywhere in India
Registered office :- Every company shall have registered office within 30 days of incorporation instead of current requirement to have registered office with in 15 days.
Situation of the registered office :- Notice of every changes of situation of the registered office shall be given to ROC within 30 days instead of 15 days as currently provided.
Sweat equity shares :- Sweat equity shares can be issued at any time currently it can be issued after 1 year from commencement of business.
Authenticate company documents :- In addition to Directors & KMP, any employee of the company can also authenticate company documents as authorized.
EGM :- Wholly owned subsidiary of a company incorporated outside of India is now allowed to hold EGM outside India
Remuneration :- No central govt. approval required for payment of remuneration in excess of 11% of net profit.
Private placement :– Money received under the private placement shall not be utilized unless the return of allotment is filled with the ROC.
DIN :- Central govt. Can provide any other number to be treated as DIN like Aadhar or Pan.
Director :–Where a director incur any of disqualification under section 164(2) due to default of filing of financial statement or annual return or repayment of deposit or pay interest or other mentioned in section, than he shall be vacate office of the director in all the companies other than the company which is in default.
Form DIR 1:- requirement of filing of form DIR 11 (Filing of a copy of resignation to ROC by director itself) made optional.
CSR:- Eligibility for doing CSR to be determined based on preceding “Financial Year” instead of “three preceding Financial year
Net worth of the company:– For calculation of net worth of the company debit or credit balance of profit and loss account shall be included