THE COMPANIES (AMENDMENT) ACT, 2017 received the assent of the Hon’ble President of India on the 3rd January, 2018 which is an An Act further to amend the Companies Act, 2013.
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Companies (Amendment) Act, 2017 Overview
The Companies (Amendment) Act, 2017 marks a significant development in the Indian business regulatory landscape. Enacted to amend the Companies Act, 2013, this amendment brings about changes aimed at enhancing corporate governance, improving ease of doing business, and ensuring better compliance within the corporate sector.
Key Changes Introduced by the Companies (Amendment) Act, 2017
🔹 One key aspect of the amendment is the strengthening of corporate governance norms to promote transparency and accountability within companies.
🔹 The Act also focuses on simplifying compliance procedures for businesses, streamlining processes, and reducing regulatory burdens.
🔹 Furthermore, amendments related to the incorporation of companies, disclosures, and penalties for non-compliance have been introduced to enhance overall efficiency and effectiveness in corporate operations.
Impact on Companies and Compliance
The Companies (Amendment) Act, 2017 has a direct impact on how companies operate and manage their affairs. It is crucial for businesses to stay informed about the changes brought about by this amendment to ensure full compliance with the updated regulations. Non-compliance can lead to penalties and legal repercussions, emphasizing the importance of understanding and adhering to the revised provisions.
Guidance for Companies
To navigate the implications of the Companies (Amendment) Act, 2017 effectively, companies should consider the following steps:
1. Review and Update Policies: Conduct a thorough review of existing policies and procedures to align them with the amended provisions.
2. Training and Awareness: Provide training sessions to employees, especially those involved in governance and compliance functions, to ensure they understand the revised requirements.
3. Consult Legal Experts: Seek guidance from legal experts or consultants well-versed in corporate law to address any specific concerns or uncertainties.
4. Regular Compliance Checks: Establish a system for regular compliance checks to monitor adherence to the amended regulations and mitigate any potential risks.
By proactively engaging with the changes introduced by the Companies (Amendment) Act, 2017, companies can uphold good governance practices, enhance operational efficiency, and maintain a strong compliance posture in line with legal requirements.
References
https://www.mca.gov.in/MinistryV2/companiesact.html
From India, Gurugram
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The Companies (Amendment) Act, 2017 marks a significant development in the Indian business regulatory landscape. Enacted to amend the Companies Act, 2013, this amendment brings about changes aimed at enhancing corporate governance, improving ease of doing business, and ensuring better compliance within the corporate sector.
Key Changes Introduced by the Companies (Amendment) Act, 2017
🔹 One key aspect of the amendment is the strengthening of corporate governance norms to promote transparency and accountability within companies.
🔹 The Act also focuses on simplifying compliance procedures for businesses, streamlining processes, and reducing regulatory burdens.
🔹 Furthermore, amendments related to the incorporation of companies, disclosures, and penalties for non-compliance have been introduced to enhance overall efficiency and effectiveness in corporate operations.
Impact on Companies and Compliance
The Companies (Amendment) Act, 2017 has a direct impact on how companies operate and manage their affairs. It is crucial for businesses to stay informed about the changes brought about by this amendment to ensure full compliance with the updated regulations. Non-compliance can lead to penalties and legal repercussions, emphasizing the importance of understanding and adhering to the revised provisions.
Guidance for Companies
To navigate the implications of the Companies (Amendment) Act, 2017 effectively, companies should consider the following steps:
1. Review and Update Policies: Conduct a thorough review of existing policies and procedures to align them with the amended provisions.
2. Training and Awareness: Provide training sessions to employees, especially those involved in governance and compliance functions, to ensure they understand the revised requirements.
3. Consult Legal Experts: Seek guidance from legal experts or consultants well-versed in corporate law to address any specific concerns or uncertainties.
4. Regular Compliance Checks: Establish a system for regular compliance checks to monitor adherence to the amended regulations and mitigate any potential risks.
By proactively engaging with the changes introduced by the Companies (Amendment) Act, 2017, companies can uphold good governance practices, enhance operational efficiency, and maintain a strong compliance posture in line with legal requirements.
References
https://www.mca.gov.in/MinistryV2/companiesact.html
From India, Gurugram
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