Jul 18, 2014

Amendment in Rules relating to Chapter I and XXIX

Share on
Amendment in Companies (Specification of definitions details) Rules, 2014

MCA vide notification dated 17th July 2014 has amended the Companies (Specification of definitions details) Rules, 2014 issued under Chapter I in the following manner: Text of rules 3 is reproduced below:

In rule 3, after the words 'a director' the words 'other than an independent director' shall be inserted.

For the purposes of sub-clause (ix) of clause (76) of section 2 of the Act, a director or key managerial personnel of the holding company or his relative with reference to a company, shall be deemed to be a related party.

Please take note that rule 3 prescribes the list of such other persons which shall be treated a related party under the  definition of related party prescribed under section 2(76)

Amendment in Companies (Miscellaneous) Rules, 2014

MCA vide notification dated 17th July 2014 has amended the Companies (Miscellaneous) Rules, 2014 issued under Chapter XXIX in the following manner:

After rule 10, the following rule shall be inserted, namely

“11. Applications or forms pending before Central Government, Regional Director or Registrar of companies.- Any application or form filed with the Central Government or Regional Director or Registrar (hereinafter referred to as ‘the authority’) prior to the commencement of these rules but not disposed of by such authority for want of any information or document shall, on its submission, to the satisfaction of the authority, be disposed of in accordance with the rules made under the Companies Act, 1956(1 of 1956).”

Request a Call
Scroll