The main reforms undertaken through the Companies (Amendment) Act, 2019 include the following: The provisions of this Act, except sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, sections 20 and 21, section 31, sections 33, 34 and 35, sections 37 and 38 shall be deemed to have come into force on the 2nd day of November, 2018 and other remaining sections (not notified yet) shall come into force on such date as the Central Government may, by notification in the Official Gazette. A. Highlights of the Companies (Amendment) Act, 2019 (Part of Ordinance, 2018): 1 Punishment for many non-compliance has been re-categorized from “punishable with fine” to “liable to a penalty” to reduce the intervention of tribunal. 2 Shifting of the jurisdiction of 16 types of corporate offences from the special court to in-house adjudication, thereby authorities enabling to concentrate on serious corporate offences. 3 The power of Tribunal has been transferred to Central Government for conversion of Public Company into Private Limited Company. 4 Charges can be registered within a period of 60 days and further period of 60 days is allowed by the Registrar after payment of ad valorem fees but not afterwards. 5 A declaration is filed by a director regarding subscriber to the memorandum has paid the value of the shares agreed to be taken by him, to the Registrar within a period of 180 days of the date of incorporation of the Company. B. Highlights of the Companies (Amendment) Act, 2019 (other than Ordinance, 2018): Section 135 (clause 21): Corporate Social Responsibility: a) If a Company fails to spend CSR amount upto the end of the F.Y., the Company shall transfer amount to fund as specified in Schedule VII (Fund) within 6 Months.
http://mca.gov.in/Ministry/pdf/AMENDMENTACT_01082019.pdf
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