AMIT TALDA CLASSES

Building Conceptions….
COMPANY LAW
CS EXECUTIVE
NEW SYLLABUS

AMENDMENTS APPLICABLE TO DECEMBER 2019

All Amendments from 1st December 2018 to 30th June 2019
Disclaimer:
These notes have been prepared with due care but if some errors remains author is not responsible in any way.
These are free notes to help general CS Executive student to get acquainted with the applicable amendments with
exam orientation. For any clarifications, you can email us at [email protected]. This document is released
with an understanding that the Author shall not be responsible for any errors, omissions and/or discrepancies or
actions taken in that behalf.

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Sr. No Section Old Provision New Provision Effect
MEMBERSHIP
1. Significant (b) "form" means the form specified in (b) "control" means control as defined in clause (27) of
Beneficial Annexure to these rules; section 2 of the Act
Owner
Amendment (c) "registered owner" means a person (c) "form" means the form specified in Annexure to
Rules 2019 whose name is entered in the register these rules;
of members of a company as the holder
of shares in that company but who (d) "majority stake" means;-
does not hold beneficial interest in (i) holding more than one-half of the equity share
such shares; capital in the body corporate; or
(d) "section" means a section of the Act (ii) holding more than one-half of the voting rights in
the body corporate; or
(e) "significant beneficial owner" means (iii) having the right to receive or participate in more
an individual referred to in sub-section than one-half of the distributable dividend or any other
(1) of section 90 (holding ultimate distribution by the body corporate;
beneficial interest of not less than ten
per cent.) read with sub-section [10] of (e) "partnership entity" means a partnership firm
section 89, but whose name is not registered under the Indian Partnership Act,7932 (9 of
entered in the register of members of a 1,932) or a limited liability partnership registered
company as the holder of such shares, under the Limited Liability Partnership Act, 2008 (6 of
and the term 'significant beneficial 2009);
ownership' shall be construed
accordingly; (f) "reporting company" means a company as defined in
Explanation l. - For the purpose of this clause (20) of section 2 of the Act, required to comply
clause, the significant beneficial with the requirements of section 90 of the Act;
ownership, in case of persons other
than individuals or natural persons, (g) "section" means a section of the Act;
shall be determined as under-
(h) "significant beneficial owner" in relation to a
(i) where the member is a company, the reporting company means an individual referred to in
significant beneficial owner is the sub-section (1) of section 90, who acting alone or
natural person, who, whether acting together, or through one or more persons or trust,
alone or together with other natural possesses one or more of the following rights or
persons, or through one or more other entitlements in such reporting company, namely:-
persons or trusts, holds not less than
ten per cent. share capital of the (i) holds indirectly, or together with any direct holdings,

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 company or who exercises significant not less than ten per cent. of the shares;
influence or control in the company
through other means; (ii) holds indirectly, or together with any direct
holdings, not less than ten per cent. of the voting rights
(ii) where the member is a partnership in the shares;
firm, the significant beneficial owner is
the natural person, who, whether (iii) has right to receive or participate in not less than
acting alone or together with other
ten per cent. of the total distributable dividend, or any
natural persons, or through one or other distribution, in a financial year through indirect
more other persons or trusts, holds not holdings alone, or together with any direct holdings;
less than ten per cent. of capital or has
entitlement of not less than ten per
(iv) has right to exercise, or actually exercises,
cent. of profits of the partnership; significant influence or control, in any manner other
(iii) where no natural person is than through direct-holdings alone:
identified under (i) or (ii), the
significant beneficial owner is the Explanation I - For the purpose of this clause, if an
relevant natural person who holds the individual does not hold any right or entitlement
position of senior managing official; indirectly under sub-clauses (i), (ii) or (iii), he shall not
be considered to be a significant beneficial owner.
(iv) where the member is a
trust (through trustee), the Explanation II - For the purpose of this clause, an
identification of beneficial owner(s) individual shall be considered to hold a right or
shall include identification of the entitlement directly in the reporting company, if he
author of the trust, the trustee, the satisfies any of the following criteria, namely.'
beneficiaries with not less than ten per
cent. interest in the trust and any (i) the shares in the reporting company representing
other natural person exercising such right or entitlement are held in the name of the
ultimate effective control over the trust individual;
through a chain of control or
ownership; (ii) the individual holds or acquires a beneficial interest
Explanation 11. lt is hereby clarified in the share of the reporting company under sub-
that instruments in the form of global section (2) of section 89, and has made a declaration in
depository receipts, compulsorily this regard to the reporting company.
convertible preference shares or
compulsorily convertible debentures Explanation III - For the purpose of this clause, an
shall be treated as shares' for the individual shall be considered to hold a right or
purpose of this clause; entitlement indirectly in the reporting company, if he
satisfies any of the following criteria, in respect of a
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 member of the reporting company, namely: -

(i) where the member of the reporting company is a

body corporate (whether incorporated or registered in
India or abroad), other than a limited liability
partnership, and the individual,-

(a) holds majority stake in that member; or

(b) holds majority stake in the ultimate holding

company (whether incorporated or registered in India
or abroad) of that member;

(ii) where the member of the reporting company is a

Hindu Undivided Family (HUF) (through karta), and the
individual is the karta of the HUF;

(iii) where the member of the reporting company is a

partnership entity (through itself or a partner), and the
individual,-

(a) is a partner; or

(b) holds majority stake in the body corporate which is

a partner of the partnership entity; or

(c) holds majority stake in the ultimate holding

company of the body corporate which is a partner of
the partnership entity.

(iv) where the member of the reporting company is a

trust (through trustee), and the individual,-

(a) is a trustee in case of a discretionary trust or a

charitable trust;

(b) is a beneficiary in case of a specific trust;

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 (c) is the author or settlor in case of a revocable trust.

(v) where the member of the reporting company is,-

(a) a pooled investment vehicle; or

(b) an entity controlled by the pooled investment

vehicle,

based in member State of the Financial Action Task

Force on Money Laundering and the regulator of the
securities market in such member State is a member of
the International Organization of Securities
Commissions, and the individual in relation to the
pooled investment vehicle,-

(A) is a general partner; or

(B) is an investment manager; or

(C) is a Chief Executive Officer where the investment

manager of such pooled vehicle is a body corporate or a
partnership entity.

Explanation IV-Where the member of a reporting

company is,

(i) a pooled investment vehicle; or

(ii) an entity controlled by the pooled investment

vehicle,

based in a jurisdiction which does not fulfil the

requirements referred to in clause (v) of Explanation III,
the provisions of clause (i) or clause (ii) or clause (iii) or
clause (iv) of Explanation III, as the case may be, shall
apply.

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 Explanation V - For the purpose of this clause, if any
individual, or individuals acting through any person or
trust, act with a common intent or purpose of
exercising any rights or entitlements, or exercising
control or significant influence, over a reporting
company, pursuant to an agreement or understanding,
formal or informal, such individual, or individuals,
acting through any person or trust, as the case may be,
shall be deemed to be 'acting together'.

Explanation VI - For the purposes of this clause, the

instruments in the form of global depository receipts,
compulsorily convertible preference shares or
compulsorily convertible debentures shall be treated as
'shares'.

(i) "significant influence" means the power to

participate, directly or indirectly, in the financial and
operating policy decisions of the reporting company but
is not control or joint control of those policies]

2. Rule 2A - 2A. Duty of the reporting company.

inserted
(1) Every reporting company shall take necessary steps
Significant to find out if there is any individual who is a significant
Beneficial beneficial owner, as defined in clause (h) of rule 2, in
Ownership relation to that reporting company, and if so, identify
Rules 2019 him and cause such individual to make a declaration
in Form No. BEN-1.

(2) Without prejudice to the generality of the steps

stated in sub-rule (1), every reporting company shall in
all cases where its member (other than an individual),
holds not less than ten per cent of its;-

(a) shares, or

(b) voting rights, or

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 (c) right to receive or participate in the dividend or any
other distribution payable in a financial year, give
notice to such member, seeking information in
accordance with subsection (5) of section 90, in Form
No. BEN-4.

3. Rule 3 & 4 3. Declaration of significant beneficial 3. Declaration of significant beneficial ownership under
Substituted ownership in shares under section 90 section 90
Significant
Beneficial (1) Every significant beneficial owner (1) On the date of commencement of the Companies
Owner Rules shall file a declaration in Form No. (Significant Beneficial Owners) Amendment Rules,
BEN-I to the company in which he 2019, every individual who is a significant beneficial
w.e.f. holds the significant beneficial owner in a reporting company, shall file a declaration
08.02.2019 ownership on the date of in Forrn No. BEN-1 to the reporting company within
commencement of these rules within ninety days from such commencement.
ninety days from such commencement
and within thirty days in case of any (2) Every individual, who subsequently becomes a
change in his significant beneficial significant beneficial owner,or where his significant
ownership. beneficial ownership undergoes any change shall file a
(2) Every individual, who, after the declaration in Form No. BEN-1 to the reporting
commencement of these rules, company, within thirty days of acquiring such
acquires significant beneficial significant beneficial ownership or any change therein.
ownershin in a company. shall file a
declaration in Form No. BEN-I to the Explanation.- Where an individual becomes a
company, within thirty days of significant beneficial owner, or where his significant
acquiring such significant beneficial beneficial ownership undergoes any change, within
ownership or in case of any change in ninety days of the commencement of the Companies
such ownership. (Significant Beneficial Owners) Amendment Rules,
2019, it shall be deemed that such individual became
the significant beneficial owner or any change therein
4. Return of significant beneficial happened on the date of expiry of ninety days from the
owners in shares. date of commencement of said rules, and the period of
thirty days for filing will be reckoned accordingly
Where any declaration under rule 3 is
received by the company, it shall file a 4. Return of significant beneficial owners in shares
return in *Form No. BEN-2 with the
Registrar in respect of such Upon receipt of declaration under rule 3, the reporting
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 declaration, within a period of thirty company shall file a return in Form No. BEN-2 with the
days from the date of receipt of Registrar in respect of such declaration, within a period
declaration by it, along with the fees as of thirty days from the date of receipt of such
prescribed in companies (Registration declaration by it, along with the fees as prescribed in
offices and fees) Rules, 2014. Companies (Registration offices and fees) Rules, 2014

4. Rules 7 & 8 7. Application to the Tribunal 7.Application to the Tribunal

Substituted The reporting company shall apply to the Tribunal,
The company may apply to the
w.e.f Tribunal in accordance with sub- (i) where any person fails to give the information
08.02.2019 section (7) of section 90, for order required by the notice in Form No. BEN-4, within the
directing that the shares in question be time specified therein; or
subject to restrictions, including -
(a) restrictions on the transfer of (ii) where the information given is not satisfactory,
interest attached to the shares in
question; in accordance with sub-section (7) of section 90, for
order directing that the shares in question be subject
(b) suspension of the right to receive to restrictions, including
dividend in relation to the shares in
question; (a) restrictions on the transfer of interest attached to
(c) suspension of voting rights in the shares in question;
relation to the shares in question;
(b) suspension of the right to receive dividend or any
(d) any other restriction on all or any of other distribution in relation to the shares in question;
the rights attached with the shares in
question (c) suspension of voting rights in relation to the shares
in question;
8. Non-Applicability.
These rules are not made applicable to (d) any other restriction on all or any of the rights
the holding ofshares of attached with the shares in question
companies/body corporates, in case of
pooled investment vehicles/investment 8. Non-Applicability
funds such as Mutual Funds, These rules shall not be made applicable to the extent

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 Alterative Investment Funds (AIFs), the share of the reporting company is held by,
Real Estate Investment Trusts(REITs)
and Infrastructure Investment Trusts (a) the authority constituted under sub-section (5) of
(lnvlTs) regulated under SEBI Act. section 125 of the Act;

(b) its holding reporting company:

Provided that the details of such holding reporting

company shall be reported in Form No. BEN-2.

(c) the Central Government, State Government or any

local Authority;

(d) (i) a reporting company, or

(ii) a body corporate, or

(iii) an entity,

controlled by the Central Government or by any State

Government or Governments, or partly by the Central
Government and partly by one or more State
Governments;

(e) Securities and Exchange Board of India registered

Investment Vehicles such as mutual funds, alternative
investment funds (AIF), Real Estate Investment Trusts
(REITs), Infrastructure Investment Trust (lnVITs)
regulated by the Securities and Exchange Board of
India,

(f) lnvestment Vehicles regulated by Reserve Bank of

India, or Insurance Regulatory and Development
Authority of India, or Pension Fund Regulatory and
Development Authority.

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 PROSPECTUS & SHARE CAPITAL
5. Rule 9A of (8) The audit report provided under (8) Every unlisted public company governed by this Audit Report
Companies regulation 55A of the securities and rule shall submit Form PAS-6 to the Registrar with filing
(Prospectus & Exchange Board of India (Depositories such fee as provided in Companies (Registration Offices substituted
Allotment of and participants) Regulations, 1996 and Fees) Rules,2014 within sixty days from the with Form
Securities) shall be submitted by the unlisted conclusion of each half year duly certified by a PAS 6
Rules, 2014 public company on a half-yearly basis company secretary in practice or chartered accountant
to the Registrar under whose in practice.
Issue of jurisdiction the registered office of the
securities in company is situated. (8A) The company shall immediately bring to the notice
dematerialised of the depositories any difference observed in its issued
form by unlisted capital and the capital held in dematerialised form.
public
companies

Sub Rule 8
Substituted
w.e.f
30.09.2019

6. Rule 9A of - Sub Rule 11 inserted: Exceptions

Companies This rule shall not apply to an unlisted public company provided.
(Prospectus & which is:-
Allotment of (a) a Nidhi;
Securities) (b) a Government company or
Rules, 2014 (c) a wholly owned subsidiary

Issue of
securities in
dematerialised
form by unlisted
public
companies

Sub Rule 11
Inserted w.e.f
22.01.2019

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 CHARGES
7. Registration of (1) For registration of charge as Registration of Creation or Modification of Charge
Charge or provided in sub-section (1) of section
Modification of 77, section 78 and section 79, the (1) For registration of charge as provided in sub-section
Charge particulars of the charge together with (1) of section 77, section 78 and section 79, the
a copy of the instrument, if any, particulars of the charge together with a copy of the
Rule 3 of creating or modifying the charge in instrument, if any, creating or modifying the charge in
Companies Form No.CHG-1(for other than Form No.CHG-1(for other than Debentures) or Form
Registration of Debentures) or Form No.CHG-9 (for No.CHG-9 (for debentures including rectification), as
Charge Rules debentures including rectification), as the case may be, duly signed by the company and the
the case may be, duly signed by the charge holder shall be filed with the Registrar within a
company and the charge holder be period of thirty days of the date of creation or
filed with the Registrar within a period modification of charge along with the fee.
of thirty days of the date of creation or
modification of charge along with the (2) If the particulars of a charge are not filed in
fee. accordance with sub-rule (1), such creation or
modification shall be filed in Form No. CHG-l or
(2) If the particulars of a charge are not Form No. CHG- 9 within the period as specified in
filed within the aforesaid period, but section 77 on payment of additional fee or
filed within a period of three hundred advalorem fee as prescribed in the Companies
days of the date of such creation or (Registration Offices and Fees) Rules, 2014.
modification, the additional fee shall be
levied. (3) Where the company fails to register the charge
in accordance with sub-rule . (1) and the
(3) If the company fails to register the registration is effected on the application of the
particulars of the charge with the charge-holder, such charge-holder shall be entitled
Registrar within the period of thirty to recover from the company the amount of any
days of its creation or modification, the fees or additional fees or advalorem fees paid by
particulars of the charge together with him 'to the Registrar for the purpose of registration
a copy of the instrument, if any, of charge.
creating or modifying such charge may
be filed by the charge-holder, in Form (4) A copy of every instrument evidencing any creation
No.CHG- 1 or Form No.CHG-9, as the or modification of charge and required to be filed with
case may be, duly signed along with the Registrar in pursuance of section 77, 78 or 79 shall
fee. be verified as follows-

(4) A copy of every instrument (a) where the instrument or deed relates solely to the
evidencing any creation or modification property situated outside India, the copy shall be
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 of charge and required to be filed with verified by a certificate issued either under the seal, if
the Registrar in pursuance of section any, of the company, or under the hand of any
77, 78 or 79 shall be verified as director or company secretary of the company or an
follows- authorised officer of the charge holder or under the
hand of some person other than the company who is
(a) where the instrument or deed interested in the mortgage or charge;
relates solely to the property situated
outside India, the copy shall be verified (b) where the instrument or deed relates, whether
by a certificate issued either under the wholly or partly, to the property situated in India, the
seal of the company, or under the copy shall be verified by a certificate issued under the
hand of any director or company hand of any director or company secretary of the
secretary of the company or an company or an authorised officer of the charge holder.
authorised officer of the charge holder
or under the hand of some person
other than the company who is
interested in the mortgage or charge;

(b) where the instrument or deed

relates, whether wholly or partly, to the
property situated in India, the copy
shall be verified by a certificate issued
under the hand of any director or
company secretary of the company or
an authorised officer of the charge
holder.
8. Application to Condonation of delay by Registrar Application to Registrar Rules
Registrar (1) The Registrar may, on being (1) For the purposes of the first proviso and clause (b) amended in
satisfied that the company had of the second proviso to sub-section (1) of section 77, pursuance of
Rule 4 of sufficient cause for not filing thethe Registrar may, on being satisfied that the company Act
Companies had sufficient cause for not filing the particulars and
particulars and instrument of charge,
Registration of if any, within a period of thirty days of
instrument of charge, if any, within a period of thirty
Charges Rules the date of creation of the charge, allow
days of the date of creation of the charge including
Substituted modification thereto, allow the registration of the same
the registration of the same after thirty
days but within a period of three after thirty days but within the period as specified in
w.e.f hundred days of the date of such the said provisos, on payment of fee, additional fee or
30.04.2019 creation of charge or modification of
advalorem fee, as may be applicable, as prescribed in
charge on payment of additional fee.
the Companies (Registration Offices and Fees) Rules,
2014.
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 (2) The application for delay shall be (2) The application under sub-rule (1) shall be made in
made in Form No.CHG-1 and Form No.CHG-l and Form No.CHG-9 supported by a
supported by a declaration from the declaration from the company signed by its company
company signed by its secretary or secretary or a director that such belated filing shall not
director that such belated filing shall adversely affect the rights of any other intervening
not adversely affect rights of any other creditors of the company.
intervening creditors of the company.

9. Rule 12 of Condonation of Delay and Rectification Rectification in register of charges on account of No

Companies of Register of Charges. omission or misstatement of particulars in charge condonation
Registration of previously recorded and extension of time in filing of by Central
Charges Rules (1) Where the instrument creating or satisfaction of charge.- Government
Substituted modifying a charge is not filed within a in case of
W.e.f period of three hundred days from the The Central Government may on an application filed in delay in
30.04.2019 date of its creation (including Form No. CHG-8 in accordance with section 87- registration of
acquisition of a property subject to a charge
charge) or modification and where the (a) direct rectification of the omission or misstatement beyond
satisfaction of the charge is not filed of any particulars, in any filing, previously recorded approved by
1[within a period of three hundred with the Registrar with respect to any charge or ROC
days] from the date on which such modification thereof, or with respect to any
payment of satisfaction, the Registrar memorandum of satisfaction or other entry made in
shall not register the same unless the pursuance of section 82 or section 83,
delay is condoned by the Central
Government. (b) direct extension of time for satisfaction of charge, if
such filing is not made within a period of three
(2) The application for condonation of hundred days from the date of such payment or
delay and for such other matters satisfaction.
covered in sub-clause (a),(b) and (c) of
clause (i) of sub-section (1) of section
87 of the Act shall be filed with the
Central Government in Form No.CHG-
8along with the fee.

(3) The order passed by the Central

Government under sub-section (1) of
section 87 of the Act shall be required

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 to be filed with the Registrar in Form
No.INC.28 along with the fee as per the
conditions stipulated in the said order.

10. Additional fee - Charges created or modified before 2 nd November 2018

for late filing of and allowed to be filed within a period of 300 days of
Charge such creation or six months from 2nd November 2018,
Documents as the case may be, the following additional fee shall be
payable:
W.E.F. Period of Delay Additional Fee
30.04.2019 Upto 30 days 2 times of normal fees
More than 30 days and 4 times of normal fees
Companies upto 60 days
Registration More than 60 days and 6 times of normal fees
offices & fees upto 90 days
3rd Amendment More than 90 days and 10 times of normal fees
Rules, 2019 upto 180 days
More than 180 days 12 times of normal fees

(b) for charges created or modified on or after 2 nd

November 2018:
1) the following additional fees or advalorem fees, as
the case may be, shall be payable upto 31 st July 2019
for all companies:
Period of Delay Additional Fee
Upto 30 days 2 times of normal fees
More than 30 days and 4 times of normal fees
upto 60 days
More than 60 days and 6 times of normal fees
upto 90 days

2) the following additional fees or advalorem fees as the

case may be, shall be payable with effect from 1 st
August 2019:
Period of Small Companies Other than Small
Delay & OPC Companies & OPC
Upto 30 3 times of normal 6 times of normal

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 days fees fees
More than 3 times of normal 6 times of normal
30 days fees plus an fees plus an
and upto advalorem fee of advalorem fee of
90 days 0.025% of the 0.05% of the
amount secured amount secured by
by the charge, the charge, subject
subject to the to the maximum of
maximum of one Five lakh rupees.
lakh rupees.

DEPOSITS
11. Explanation - Explanation.- It is hereby clarified that Form DPT-3
inserted to Rule shall be used for filing return of deposit or particulars
16 of of transaction not considered as deposit or both by
Acceptance of every company other than Government company.
Deposits Rules
12. Sub Rule 3 16A. Disclosures in the financial (3)Every company other than Government company
inserted in Rule statement.- shall file a onetime return of outstanding receipt of
16A of money or loan by a company but not considered as
Acceptance of (1) Every company, other than a deposits, in terms of clause (c) of sub-rule 1 of rule 2
Deposit rules private company, shall disclose in its from the 01st April, 2014 to 31st March 2019, as
financial statement, by way of notes, specified in Form DPT-3 within ninety days from 31st
about the money received from the March, 2019 along with fee as provided in the
director. Companies (Registration Offices and Fees) Rules, 2014.

(2) Every private company shall

disclose in its financial statement, by
way of notes, about the money received
from the directors, or relatives of
directors.”

INSTITUTION OF DIRECTORS
13. Rule 12B - (1) Where a company governed by Rule 25A of the
Directors of Companies (Incorporation) Rules, 2014, fails to file the
company e-form ACTIVE within the period specified therein, the
required to file Director Identification Number (DIN) allotted to its
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 e-form ACTIVE existing directors, shall be marked as “Director of
ACTIVE non-compliant company”.
(w.e.f
16.05.2019) (2) Where the DIN of a director has been marked as
“Director of ACTIVE non-compliant company”, such
director shall take all necessary steps to ensure that all
companies governed by rule 25A of the Companies
(Incorporation) Rules, 2014, where such director has
been so appointed, file e-form ACTIVE.

(3) After all the companies referred to in sub-rule (2)

file the e-form ACTIVE, the DIN of such director shall
be marked as “Director of ACTIVE compliant company”.

14. Rule 12A of Earlier it was 30th April of immediate 12A: Directors KYC
Companies next financial year Every individual who has been allotted a Director
Appointment & Identification Number (DIN) as on 31st March of a
Qualification of financial year as per these rules shall, submit e-form
directors rules DIR-3-KYC to the Central Government on or before
w.e.f 30th June of immediate next financial year.
30.04.2019
Provided that every individual who has already been
allotted a Director Identification Number (DIN) as at
31st March, 2018, shall submit e-form DIR-3 KYC on
or before 5th October, 2018.

15. Schedule VII - (xii) Disaster Management, including, relief,

(new Clause rehabilitation and reconstruction activities.
inserted)
w.e.f
30.05.2019

MISCELLANOUS
16. Specified - (1) Every Specified Company shall file in MSME Form I To Save
Companies details of all outstanding dues to Micro or Small guard MSME
(furnishing of Enterprises suppliers existing on the date of and identify
information publication of this notification. (22nd January 2019) the defaulters

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 about payment and
to MSE (2) Every Specified Company shall file a return as per
Suppliers) MSME Form I by 31st October for the period April to
order 2019 September & by 30th April for the period October to
March.

Specified Companies are the companies who get

supplies of goods or services from Micro & Small
Enterprises and whose payments to Micro & Small
Enterprise suppliers exceeds 45 days from date of
acceptance or date of deemed acceptance of goods or
services as per Section 9 of MSME Act.

17. Section 2(41) "financial year", in relation to any "financial year", in relation to any company or body
Financial Year company or body corporate, means the corporate, means the period ending on the 31st day of
period ending on the 31st day of March March every year, and where it has been incorporated
every year, and where it has been on or after the 1st day of January of a year, the period
incorporated on or after the 1st day of ending on the 31st day of March of the following year,
January of a year, the period ending in respect whereof financial statement of the company
on the 31st day of March of the or body corporate is made up:
following year, in respect whereof
financial statement of the company or Provided that where a company or body corporate,
body corporate is made up: which is a holding company or a subsidiary or
associate company of a company incorporated outside
Provided that on an application made
India and is required to follow a different financial year
by a company or body corporate, which for consolidation of its accounts outside India, the
is a holding company or a Central Government may, on an application made by
subsidiary or associate company of a that company or body corporate in such form and
company incorporated outside India manner as may be prescribed, allow any period as its
and is required to follow a different
financial year, whether or not that period is a year:
financial year for consolidation of its
accounts outside India,
Provided also that any application pending before the
the Tribunal may, if it is satisfied,
Tribunal as on the date of commencement of the
allow any period as its financial year,
Companies (Amendment) Ordinance, 2018, shall be
whether or not that period is a year:
disposed of by the Tribunal in accordance with the
Provided further that a company or provisions applicable to it before such commencement
body corporate, existing on the

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 commencement of this Act, shall, Provided further that a company or body corporate,
within a period of two years from such existing on the commencement of this Act, shall, within
commencement, align its financial year a period of two years from such commencement, align
as per the provisions of this clause; its financial year as per the provisions of this clause;

18. Removal of Application for removal of name of Application for removal of name of company.—
Name of company.—
Companies (1) An application for removal of name of the company
from Register of (1) An application for removal of name under sub-section (2) of section 248 shall be made in
Companies of the company under sub-section (2) Form STK-2 along with the fee of ten thousand
of section 248 shall be made in Form rupees:
w.e.f STK-2 along with the fee of Five
10.05.2019 thousand rupees. Provided that no application in Form No. STK-2 shall
be filed by a company unless it has filed overdue
returns in Form No. AOC-4 (Financial Statement) or
AOC-4 XBRL, as the case may be, and Form No. MGT-
7 (Annual Return), up to the end of the financial year
in which the company ceased to carry its business
operations:

Provided further that in case a company intends to file

Form No. STK-2 after the action under sub-section (1)
of section 248 has been initiated by the Registrar, it
shall file all pending overdue returns in Form No. AOC-
4 (Financial Statement) or AOC-4 XBRL, as the case
may be, and Form No. MGT-7 (Annual Return) before
filing Form No. STK-2:

Provided also that once notice in Form No. STK-7 has

been issued by the Registrar pursuant to the action
initiated under sub-section (1) of section 248, a
company shall not be allowed to file an application in
Form No. STK-2.

19. National - Right to Apply under Section 245:

Company Law
Tribunal Rules, (3) In case of a company having a share capital, the
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 2016 requisite number of member or members to file an
application under sub-section (1) of section 245 shall
In Rule 84, Sub be -
Rule 3 & 4
Inserted (i) (a) at least five per cent. of the total number of
members of the company; or
(Not Important
from Exam (b) one hundred members of the company,
point of view)
whichever is less;

or (ii) (a) member or members holding not less than five

per cent. of the issued share capital of the company, in
case of an unlisted company;

(b) member or members holding not less than two per

cent. of the issued share capital of the company, in
case of a listed company.

(4) The requisite number of depositor or depositors to

file an application under sub-section (1) of section 245
shall be -

(i) (a) at least five per cent. of the total number of

depositors of the company; or

(b) one hundred depositors of the company,

whichever is less; or;

(ii) depositor or depositors to whom the company owes

five per cent. of total deposits of the company.

Please Note:
National Financial Reporting Authority (Meeting for Transaction of Business) Rules, 2019 Notification 22-05-2019
This has not been notified till 31.05.2019, hence, not covered in the notes. Also it is not important from exam point of view.

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