The Companies Act, 2013 (the Act) is largely operationalised from 1 April 2014. The Ministry of Corporate Affairs (MCA) has been issuing various amendments and clarifications to the Act and the corresponding Rules in order to address the implementation challenges faced by corporates and professionals. Continuing with the endeavour for effective implementation of the Act, the Union Cabinet, on 2 December 2014 introduced the Companies (Amendment) Bill, 2014 in the Parliament to make certain amendments to the Act. Changes proposed include approval process of related party transactions, fraud reporting by auditors, areas where the Rules overreached the Act, and other procedural relaxations. This issue of KPMG's 'First Notes' provides a list of the amendments proposed in the Act.
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