Companies Act, 2013 - Rules 1
Published on Wed, Sep 11,2013 | 15:23, Updated at Thu, Sep 12 at 18:12Source : Moneycontrol.com
COMPANIES ACT, 2013
On the auspicious day of Ganesh Chaturthi, the Ministry for Corporate Affairs posted on its website the first set of draft rules for comment. The timing may be an attempt to seek obstacle-free acceptance but before you say Morya...consider this
I may grudge the MCA for making me work on a holiday but that has not coloured my view of the rules I managed to read. Sleep may have affected my analysis...this is not very exciting work. Also it’s tedious, so if I have missed important points please feel free to add to this list. It’s a list of interesting points that stood out as I eye-balled Chapters 1,2,9,10 & CSR. My comments precede the rule portions.
CHAPTER 1: PRELIMINARY/ DEFINITIONS
Free lunch in the CNBC TV18 canteen for those of you who understand 1.3 (2) in the first reading! That’s if your appetite survives this...
1.3. For the purposes of clause (ix) of sub-section (76) of section 2, the following persons, with reference to a company, shall be deemed to be a related party-
(1) a director or key managerial personnel of t