{"id":3640,"date":"2021-03-27T09:59:20","date_gmt":"2021-03-27T09:59:20","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=3640"},"modified":"2021-03-25T09:01:41","modified_gmt":"2021-03-25T09:01:41","slug":"mca-notified-amendment-in-section-92-of-the-companies-act-2013","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/mca-notified-amendment-in-section-92-of-the-companies-act-2013\/","title":{"rendered":"MCA Notified Amendment in Section 92 of the Companies Act 2013"},"content":{"rendered":"\n<p>On 05.03.2021,\nthe Ministry of Corporate Affairs (MCA), in consultation with the Central\nGovernment, has passed a notification stating that the provisions of section 23\nclause (i) of the Companies (Amendment) Act 2017 will come into effect from the\nsaid date. Further, it shall be noted that the provisions of section 23 clause\n(i) deals with the amendment in section 92 of the Companies Act 2013.<\/p>\n\n\n\n<p>Section 92 of the\nCompanies Act deals with the filing of Annual Return by the company. Also, the\nsaid notification was passed under the ambit of the powers given by section 1\n(2) of the Companies (Amendment) Act 2017.<\/p>\n\n\n\n<p>In this learning\nblog, we will cover the notion of MCA, together with the extract of section 23\nclause (i) of the Companies (Amendment) Act 2017.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a860eb5291\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a860eb5291\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/mca-notified-amendment-in-section-92-of-the-companies-act-2013\/#Concept_of_Ministry_of_Corporate_Affairs\" title=\"Concept of Ministry of Corporate Affairs\">Concept of Ministry of Corporate Affairs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/mca-notified-amendment-in-section-92-of-the-companies-act-2013\/#Extract_of_section_23_clause_i_of_the_Companies_Amendment_Act_2017\" title=\"Extract of section 23 clause (i) of the Companies\n(Amendment) Act 2017\">Extract of section 23 clause (i) of the Companies\n(Amendment) Act 2017<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/mca-notified-amendment-in-section-92-of-the-companies-act-2013\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/mca-notified-amendment-in-section-92-of-the-companies-act-2013\/#MCA_Notification_on_Amendment_in_Section_92_of_the_Companies_Act_2013\" title=\"MCA Notification on Amendment in Section 92 of the\nCompanies Act 2013\">MCA Notification on Amendment in Section 92 of the\nCompanies Act 2013<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_Ministry_of_Corporate_Affairs\"><\/span>Concept of Ministry of Corporate Affairs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term Ministry of Corporate Affairs (<a href=\"http:\/\/www.mca.gov.in\/\">MCA<\/a>) 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.<\/p>\n\n\n\n<p>Further, it shall be noted that the said Ministry is responsible\nfor administering and regulating the Competition Act 2002 as well. The reasons\nbehind the same can be summarised as:<\/p>\n\n\n\n<ul><li>To prevent acts that have an adverse effect on competition;<\/li><li>To promote and sustain the competition in markets;<\/li><li>To protect consumers\u2019 interests by way of the commission established under the Act.<\/li><\/ul>\n\n\n\n<p><strong>Also, Read: <\/strong><mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/mca-notifies-new-forms-for-opcs-and-small-companies\/\">MCA Notifies New Forms for OPCs and Small Companies<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Extract_of_section_23_clause_i_of_the_Companies_Amendment_Act_2017\"><\/span>Extract of section 23 clause (i) of the Companies\n(Amendment) Act 2017<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The extract of\nsection 23 clause (i) of the Companies (Amendment) Act 2017 can be summarised\nas:<\/p>\n\n\n\n<p>In the\nprovision of subsection (1) of section 92 of the Companies Act 2013, clause (c)\nshall stand omitted. Further, in clause (j) of the said act, the words\n\u2018indicating their names, addresses, registration, countries of incorporation,\nand percentage of the shareholding held by them\u2019 shall stand omitted.<\/p>\n\n\n\n<p>Further,\nafter the proviso, one new proviso shall be inserted, which states as follows:<\/p>\n\n\n\n<ul><li>Provided further that the Central Government (CG) may propose an abridged form of the annual return for <strong><a href=\"https:\/\/swaritadvisors.com\/one-person-company-registration\" class=\"text-primary\">One Person Company<\/a><\/strong> (OPC), Small Company, and such other class or classes of the companies as may be specified.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In\na 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\nsame amendment was made by way of section 23 clause (i) of the Companies (Amendment) Act 2017.<\/p>\n\n\n\n<p><strong>Also, Read: <\/strong><mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/mca-notifies-amendment-to-definition-of-listed-companies\/\">MCA Notifies Amendment to Definition of Listed Companies<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MCA_Notification_on_Amendment_in_Section_92_of_the_Companies_Act_2013\"><\/span>MCA Notification on Amendment in Section 92 of the\nCompanies Act 2013<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/03\/MCA-Notification-on-Amendment-in-Section-92-of-the-Companies-Act-2013.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">MCA-Notification-on-Amendment-in-Section-92-of-the-Companies-Act-2013<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[49,50],"tags":[539],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3640"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=3640"}],"version-history":[{"count":4,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3640\/revisions"}],"predecessor-version":[{"id":3647,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3640\/revisions\/3647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/3641"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=3640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=3640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=3640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}