Clarification regarding applicability of Companies Act, 2013 for May, 2014 and Nov. 2014 Exams. In the past 2 months, there have been so many queries of students w.r.t. applicability of Companies Act, 2013 for May, 2014 and Nov. 2014 Attempts. Some faculty made up a story (only to mislead) that Board of Studies had taken a decision that the 98 Sections notified by CG would be made applicable for CA (Final) May, 2014 attempt and out of these 98 sections, 45 sections would be made applicable for CA (IPCC) May, 2013 Attempt. The story further stated that this decision of Board of Studies would be approved by the Council of ICAI on 27th of September, 2013. The said date has passed, but no such announcement has been made by ICAI. Therefore, it is my request to all of you not to encourage such speculation and rumours, and to wait till a Formal Announcement is made by ICAI. Since, till date no announcement has been made by ICAI, everybody is asking me as to whether Companies Act, 2013 would be applicable or not for May, 2014 and Nov. 2014 exams. Now, I also put up a question before all of you: Whether the Companies Act, 1956 would continue to be applicable for May, 2014 and Nov. 2014 Exams? Ask yourself. It may seem to you that my question is just another way of asking as to whether the Companies Act, 2013 would be applicable or not. But, it is not so. The answer to my question is: Companies Act, 1956 would continue to be applicable for May, 2014 (without any doubt) and even for Nov. 2014 (most probably). In May, 2014 and Nov. 2014 Exams, the Companies Act, 2013 cannot entirely replace Companies Act, 1956. Only those sections of the Companies Act, 2013 that would be notified by the Central Government (till date, 98 sections), may be / may not be made applicable by ICAI for CA (Final) and CA (IPCC) May, 2014 and Nov. 2014 Attempts. So the conclusions are: Scenario I: Those sections of the Companies Act, 2013 that would be notified by the Central Government (till date, 98 sections), are not made applicable by ICAI for CA (Final) and CA (IPCC) May, 2014 and Nov. 2014 Attempts. In this case, the entire Companies Act, 1956 would be applicable and none of the sections of Companies Act, 2013 would be applicable. Scenario II: Those sections of the Companies Act, 2013 that would be notified by the Central Government (till date, 98 sections), are made applicable by ICAI for CA (Final) and CA (IPCC) May, 2014 and Nov. 2014 Attempts. In this case, the a substantial portion of Companies Act, 1956 would be applicable and few sections of Companies Act, 2013 as notified by CG and as made applicable by ICAI would be applicable. So, I would suggest every student appearing for May, 2014 and Nov. 2014 to continue studying the provisions of Companies Act, 1956. Even if some sections of Companies Act, 2013 are made applicable for your attempt, you would be able to study them by relating them with already studied provisions of the Companies Act, 1956. I hope this clarification would settle the speculations to some extent. Munish Bhandari 17-10-2013
Posted on: Sat, 19 Oct 2013 11:07:14 +0000
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