Highlights of Companies Bill, 2012: 1) A private company can have a maximum of 200 members, up from 50 in the Companies Act, 1956. 2)The concept of One Person Company introduced. It will be a private limited company. 3) Concept of dormant companies introduced. It can be formed for a future project or to hold an asset or intellectual property. 4)All companies to follow uniform financial year, running from April to March. Exceptions to be made only for certain companies with the approval of NCLT. 5)All types of securities to be governed by the Bill. 6)The Prospectus has to be more detailed. 7)Money raised through a prospectus cannot be used for dealing in equity shares of another company. If a company changes terms of the prospectus or objects for which money is raised, it shall provide dissenting shareholders an exit opportunity. 7) ‘Private placement‘defined, with detailed provisions for such placement. 8)Apart from existing shareholders, if the Company having share capital at any time proposes to increase its subscribed capital by issue of further shares, such shares may also be offered to employees by way of ESOP, subject to the approval of shareholders by way of Special Resolution. 9)NBFCs not covered by the provisions relating to acceptance of deposits. They will be governed by Reserve Bank of India Rules. 10)Companies can accept deposits only from its members, that too after obtaining shareholders approval. Acceptance of deposit also subject to compliance with certain conditions. 11)Public companies can accept deposit from public on complying certain conditions like credit rating.
Posted on: Fri, 09 Aug 2013 05:14:55 +0000
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