Companies Amendment Act 2020 is passed with Decriminalization of various offences of non-severe nature defined in the Companies Act, 2013 and reducing penalties. This is done by Doing away with imprisonment for various offences, Substitution of Imprisonment with monetary penalty and Reduction of penalty amounts, A new Chapter XXIA has been added in the Act with regard to the Producer Companies from section 378A to Section 378ZU which will ensure entry of Corporate in the farming Sector. Small Companies, Start-ups and Producer Companies would be subject to less penalty for prescribed contraventions. Other features include Direct listing in foreign jurisdictions, Exemptions from filing resolutions, Corporate Social Responsibility ("CSR") spending, Exclusion from listed companies, Beneficial Shareholding, Preparation of periodical financial results etc.
No 29 of 2020 28th September, 2020
An Act further to amend the Companies Act, 2013.
Section 1, 2, 8, 16, 23 and 26 of Companies Amendment Act 2020
Section 1: Short title and commencement
Amendment of section 2, 8, 16, 23 and 26 of Companies Act 2013
Section 40, 48, 56, 59, 62, 64 of Companies Amendment Act 2020
Amendment of Section 40, 48, 56, 59, 62 and 64 of Companies act 2013
Section 66, 68, 71, 86, 88, 89, 90 of Companies Amendment Act 2020
Amendment of Section 66, 68, 71, 86, 88, 89 and 90 of Companies Act 2013
Section 92, 105, 117, 124, 128, 129a, 134 Companies Amendment Act 2020
Amendment of Section 92, 105, 117, 124, 128 and 134 of Act 2013
Insertion of new Section 129A
Section 129A: Periodical financial results
Section 135, 137, 140, 143, 147, 149, 165 Companies Amendment Act 2020
Amendment to Section 135, 137, 140, 143, 147, 149, 165 of Act 2013
Section 167, 172, 178, 184, 187, 188, 197 Companies Amendment Act 2020
Amendment to Section 167, 172, 178, 184, 187, 188, 197 of Act 2013
Section 204, 232, 242, 243, 247, 284, 302 Companies Amendment Act 2020
Amendment to Section 204, 232, 242, 243, 247, 284, 302 of Act 2013
Section 342, 347, 348, 356, 378A, Chapter XXIA of Companies Amendment Act 2020
Amendment of Section 342, 347, 348, 356 of Companies Act 2013
Section 378A: Definitions
Section 378B, 378C, 378D, 378E, 378F, 378G, 378H of Companies Amendment Act 2020
Section 378B: Objects of Producer Company
Section 378C: Formation of Producer Company and its Registration
Section 378D: Membership and Voting Rights of Members of Producer Company
Section 378E: Benefits of Members
Section 378F: Memorandum of Producer Company
Section 378G: Articles of Association
Section 378H: Amendment of Memorandum
Section 378I, 378J, 378K, 378L, 378M and 378N of Companies Amendment Act 2020
Section 378I: Amendment of Articles
Section 378J: Option to inter-State co-operative societies to become Producer Companies
Section 378K: Effect of Incorporation of Producer Company
Section 378L: Vesting of Undertaking in Producer Company
Section 378M: Concession, etc., to be deemed to have been granted to Producer Company
Section 378N: Provisions in respect of officers and other employees of inter-State co-operative society
Section 378O, 378P, 378Q, 378R, 378S, 378T of Companies Act 2020
Section 378O: Number of Directors
Section 378P: Appointment of Directors
Section 378Q: Vacation of Office by Directors
Section 378R: Powers and Functions of Board
Section 378S: Matters to be transacted at General Meeting
Section 378T: Liability of Directors
Section 378U, 378V, 378W, 378X, 378Y, 378Z of Companies Act 2020
Section 378U: Committee of Directors
Section 378V: Meeting of Board and Quorum
Section 378W: Chief Executive and his Functions
Section 378X: Secretary of Producer Company
Section 378Y: Quorum
Section 378Z: Voting Rights
Section 378ZA, 378ZB, 378ZC, 378ZD, 378ZE, 378ZF of Companies Amendment Act 2020
Section 378ZA: Annual General Meeting
Section 378ZB: Share Capital
Section 378ZC: Special User Rights
Section 378ZD: Transferability of shares and attendant rights
Section 378ZE: Books of Account
Section 378ZF: Internal Audit
Section 378ZG, 378ZH, 378ZI, 378ZJ, 378ZK, 378ZL of Companies Amendment Act 2020
Section 378ZG: Duties of auditor under this Chapter
Section 378ZH: Donation or subscription by Producer Company
Section 378ZI: General and Other Reserves
Section 378ZJ: Issue of Bonus Shares
Section 378ZK: Loan etc to Members
Section 378ZL: Investment in other companies, formation of subsidiaries, etc
Section 378ZM, 378ZN, 378ZO, 378ZP of Companies Act 2020
Section 378ZM: Penalty for Contravention
Section 378ZN: Amalgamation, merger or division, etc., to form new Producer Companies
Section 378ZO: Disputes
Section 378ZP: Strike Off Name of Producer Company
Section 378ZQ, 378ZR, 378ZS, 378ZT, 378ZU of Companies Act 2020
Section 378ZQ: Provisions of this chapter to override other laws
Section 378ZR: Application of Provision relating to Private Companies
Section 378ZS: Re-conversion of Producer Company to inter-State co-operative society
Section 378ZT: Power to modify Act in its application to Producer Companies
Section 378ZU: Power to make Rules
Section 379, 392, 393A, 403, 405, 410 of Companies Amendment Act 2020
Amendment to Section 379
Amendment to Section 392
Insertion of New Section 393A Exemptions under this Chapter
Amendment of Section 403
Amendment of Section 405
Amendment of Section 410
Section 418A, 435, 441, 446B, 450, 452, 454, 465 of Companies Act 2020
Insertion of New Section 418A Benches of Appellate Tribunal
Amendment to Section 435
Amendment to Section 441
Substitution of New Section 446B Lesser penalties for certain companies
Amendment to Section 450
Amendment to Section 452
Amendment to Section 454
Amendment to Section 465
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