MCA Notified Amendment in Section 92 of the Companies Act 2013

On 05.03.2021, the Ministry of Corporate Affairs (MCA), in consultation with the Central Government, has passed a notification stating that the provisions of section 23 clause (i) of the Companies (Amendment) Act 2017 will come into effect from the said date. Further, it shall be noted that the provisions of section 23 clause (i) deals with the amendment in section 92 of the Companies Act 2013.

Section 92 of the Companies Act deals with the filing of Annual Return by the company. Also, the said notification was passed under the ambit of the powers given by section 1 (2) of the Companies (Amendment) Act 2017.

In this learning blog, we will cover the notion of MCA, together with the extract of section 23 clause (i) of the Companies (Amendment) Act 2017.

Concept of Ministry of Corporate Affairs

The term Ministry of Corporate Affairs (MCA) is primarily a statutory body concerned with administration and governance of the Companies Act 1956, the Companies Act 2013, and the Limited Liability Partnership Act 2008, and other allied Acts and rules and regulations made thereunder. That means this body mainly deals with regulating the functioning and operations of the corporate sector in accordance with the law.

Further, it shall be noted that the said Ministry is responsible for administering and regulating the Competition Act 2002 as well. The reasons behind the same can be summarised as:

• To prevent acts that have an adverse effect on competition;
• To promote and sustain the competition in markets;
• To protect consumers’ interests by way of the commission established under the Act.

Also, Read: MCA Notifies New Forms for OPCs and Small Companies

Extract of section 23 clause (i) of the Companies (Amendment) Act 2017

The extract of section 23 clause (i) of the Companies (Amendment) Act 2017 can be summarised as:

In the provision of subsection (1) of section 92 of the Companies Act 2013, clause (c) shall stand omitted. Further, in clause (j) of the said act, the words ‘indicating their names, addresses, registration, countries of incorporation, and percentage of the shareholding held by them’ shall stand omitted.

Further, after the proviso, one new proviso shall be inserted, which states as follows:

• Provided further that the Central Government (CG) may propose an abridged form of the annual return for One Person Company (OPC), Small Company, and such other class or classes of the companies as may be specified.

Conclusion

In a nutshell, MCA has notified amendment in Section 92 of the Companies Act 2013 by way of a notification issued on 05.03.2021. Further, the same amendment was made by way of section 23 clause (i) of the Companies (Amendment) Act 2017.

Also, Read: MCA Notifies Amendment to Definition of Listed Companies

MCA Notification on Amendment in Section 92 of the Companies Act 2013