Companies Amendment Act, 2015

The Union Cabinet on 2 December 2014 introduced an amendment bill in the Parliament proposing certain amendments to the Companies Act, 2013 (2013 Act). Subsequently, on 29 April 2015 certain additions were made in the amendment bill. Post approval from the Lok Sabha and the Rajya Sabha, the amendment bill was finally assented by the President of India on 25 May 2015. These amendments are called as the Companies (Amendment) Act, 2015 (Amendment Act, 2015) and have been published in the Official Gazette on 26 May 2015.  The Central Government can appoint different dates for the provisions of the Amendment Act, 2015 and any reference in any provision to the commencement of the Amendment Act, 2015 shall be construed as a reference to the coming into force of that provision. Consequently, the Central Government has appointed 29 May 2015 as the date on which Section 1 to 12 and 15 to 23 of the Amendment Act, 2015 would come into force.  Additionally, on 29 May 2015, the Ministry of Corporate Affairs (MCA) has issued certain amendments to some of the provisions contained in: •       Companies (Registration Offices and Fees) Rules, 2014 •       Companies (Share Capital and Debentures) Rules, 2014•       Companies (Declaration and Payment of Dividend) Rules, 2014, and •       Companies (Incorporation) Rules, 2014.  The amendments to these Rules would be effective from the date of its publication in the Official Gazette.  This issue of KPMG First Notes provides an overview of the key amendments made in the 2013 Act and to the aforesaid Rules.

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