The Companies Act, 2013 The Act comprises of 29 chapters, 470 Clauses with 7 Schedules as against 658 sections and 14 Schedules in the Companies Act, 1956. Chapter Chapter I Chapter II Chapter III Chapter IV Chapter V Chapter VI Chapter VII Chapter VIII Chapter IX Chapter X Chapter XI Chapter XII Chapter XIII Chapter XIV Chapter XV Chapter XVI Chapter XVII Chapter XVIII Chapter XIX

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Chapter XXI Chapter XXII Chapter XXIII Chapter XXIV Chapter XXV Chapter XXVI Chapter XXVII Chapter XXVIII Chapter XXIX

Title Preliminary Incorporation of Company and Matters Incidental Thereto Prospectus and Allotment of Securities Part I: Public Offer Part II: Private Placement Share Capital and Debentures Acceptance of Deposits by Companies Registration of Charges Management and Administration Declaration and Payment of Dividend Accounts of Companies Audit and Auditors Appointment and Qualifications of Directors Meeting of Board and its Powers Appointment and Remuneration of Managerial Personnel Inspection, Inquiry and Investigation Compromises, Arrangements and Amalgamations Prevention of Oppression and Mismanagement Registered Valuers Removal of Names of Companies from the Registrar of Companies Revival and Rehabilitation of Sick Companies Winding Up Part I: Winding up by the Tribunal Part II: Voluntary Winding up Part III: Provisions applicable to every mode of Winding up Part IV: Official Liquidators Part 1- Companies Authorised to Register Under This Act & Part 2- Winding up of Unregistered Companies Companies Incorporated Outside India Government Companies Registration Offices and Fees Companies to Furnish Information or Statistics Nidhis National Company Law Tribunal and Appellate Tribunal Special Courts Miscellaneous

Top 25 Key Highlights 1. A private company can have a maximum of 200 members, up from 50 in the Companies Act, 1956. (chapter – I) 2. All companies to follow uniform financial year, running from April to Mach. Exceptions to be made only for certain companies with the approval of National Company Law Tribunal (NCLT). (chapter – I) 3. The concept of One Person Company introduced. One person, where the company to be formed is to be One Person Company that is to say, a private company. (chapter – II) 4. Company shall not use any amount raised by it through prospectus for buying, trading or otherwise dealing in equity shares of any other listed company. (chapter – III) 5. A company shall not, at any time, vary the terms of a contract referred to in the prospectus or objects for which the prospectus was issued, except subject to the approval of, or except subject to an authority given by the company in general meeting by way of special resolution. (chapter – II) 6. Where at any time, a company having a share capital proposes to increase its subscribed capital by the issue of further shares; such shares may also be offered to employees by way of Employee Stock Option subject to the special resolution passed by the company. (chapter – IV) 7. Companies can accept deposits only from its members, that too after obtaining shareholders approval in general meeting and subject to the rules as may be prescribed in consultancy with the RBI. (chapter – V) 8. Public companies can accept deposits from public on complying certain conditions like credit rating. (chapter – V) 9. Concept of dormant companies introduced. It can be formed for a future project or to hold an asset or intellectual property and has no significant accounting transaction. 10. Every listed company shall file a return in the prescribed form with the Registrar with respect to change in the number of shares held by promoters and top ten shareholders of such company, within fifteen days of such change. (chapter – VII) 11. Provisions for re-opening or re-casting of the books of accounts of a company provided. (chapter – IX) 12. The National Advisory Committee on Accounting Standards renamed as The National Financial Reporting Authority. (chapter – IX) 13. Financial Statements include Balance Sheet, Statement of profit and loss and cash flow statement. (chapter – IX) 14. Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting. (chapter – X) 15. Listed company or a company belonging to such class or classes of companies as

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may be prescribed, shall not appoint or re-appoint—(chapter – X) (a) An individual as auditor for more than one term of five consecutive years; and (b) An audit firm as auditor for more than two terms of five consecutive years. A company’s auditor shall not provide, directly or indirectly, the following services to the company, its holding and subsidiary company. (chapter – X) (a) Accounting and book keeping services (b) Internal audit (c) Design and implementation of any financial information system (d) Actuarial services (e) Investment advisory services (f) Investment banking services (g) Rendering of outsourced financial services (h) Management services and (i) Any other kind of services as may be prescribed Such class or classes of companies s may be prescribed shall have at least one women directors. (chapter – XI) Every company shall have at least one director who has stayed in India for a total period of not less than one hundred and eighty-two days in the previous calendar year. (chapter – XI) A person can hold directorship of up to 20 companies, of which not more than 10 can be public companies. (chapter – XI) A meeting of the Board shall be called by giving not less than seven days’ notice in writing to every director at his address registered with the company and such notice shall be sent by hand delivery or by post or by electronic means. (chapter – XII) Every listed company or such class or classes of companies, as may be prescribed, shall establish a vigil mechanism for directors and employees to report genuine concerns in such manner as may be prescribed. (chapter – XII) The Board of Directors of a company which consists of more than 1000 shareholders, debenture-holders, deposit-holders and any other security holders at any time during a financial year shall constitute a Stakeholders Relationship Committee to resolve the grievances of security holders, committee consisting of a chairperson who shall be a non-executive director and such other members as may be decided by the Board. (chapter – XII) The provisions on inter-corporate loans and investment extended to include loan and investment to any person. (chapter – XII) No central government approval required for entering into any related party transactions and for appointment of any director or any other person to any office or place of profit in the company or its subsidiary. (chapter – XII) Subject to the provisions of any other law for the time being in force, a foreign company, may with the prior approval of the Reserve Bank of India, merge into a company registered under this Act or vice versa. (chapter – XV)

MAJOR CHAPTER WISE HIGHLIGHTS Chapter I - Preliminary 1. It extends to the whole of India. 2. The Act prescribes 33 new definitions. 3. Major new definition introduced includes 

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Associate company Small company

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Employee Stock option Promoter

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Related Party Turnover

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Chief Executive Officer Chief Financial Officer

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Global Depository Receipt

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4. Cash Flows Statement becomes mandatory. 5. Officer in default : 

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Directors aware of the default CFO

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Key managerial personnel if knowingly commit default.

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Words and expressions used and not defined in this Act but defined in the Securities Contracts (Regulation) Act; 1956 or the Securities and Exchange Board of India Act; 1992 or the Depositories Act; 1996 shall have the meanings respectively assigned to them in those Acts.

Chapter II – Incorporation of Company and Matters Incidental Thereto 1. One Person Company shall indicate the name of the other person, with his prior written consent in the prescribed form, who shall, in the event of the subscriber’s death or his incapacity to contract become the member of the company. 2. Objects clause in the Memorandum of Association of a company not required to divide into main, ancillary and other objects. 3. The articles may contain provisions for entrenchment to the effect that specified provisions of the articles may be altered only if conditions or procedures as that are more restrictive than those applicable in the case of a special resolution, are met or complied with. 4. To commence business, a public/private company needs to file the following with the register of companies:

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A declaration by a director in prescribed form stating that the subscribers to the memorandum have paid the value of shares agreed to be taken by them, and  A confirmation that the company has filed a verification of its registered office with the register.

Chapter III – Prospectus and Allotment of Securities 1. The Act governs the issue of all types of securities. 2. A public company can issue securities through a public offer or a private placement or by way of bonus or rights issue. 3. A private company may issue securities through a private placement or by way of bonus or rights issue. 4. The power of SEBI to administer the sections of the Companies Act related to a listed company or intended to get itself listed, extended to include the provisions related to share capital. 5. The prospectus has to be more detailed. 6. Terms and conditions for offer sale by existing share holders prescribed. 7. SEBI to prescribe class/classes of companies that can file shelf prospectus with the register. 8. Deals with Civil liability and where it is proved that a prospectus has been issued with intent to defraud then every person (like directors, promoters, experts etc.) shall be personally liable without any limitation of liability. 9. A person shall also be liable for impersonation, in case he makes multiple applications in different name or in different combination of surnames for acquiring or subscribing the securities of the company. 10. Return of allotment shall be filed with the Registrar. 11. Companies may now issue Global Depository Receipt by passing the special resolution and subject to such conditions as may be prescribed. 12. Qualified Institutional Buyers shall not be covered under the provisions related to Private Placement. 13. If a company, listed or unlisted, makes an offer to more than the prescribed number of persons, whether the payment for the securities has been received or not or whether the company intends to list its securities or not on any recognized stock exchange in or outside India, the same shall be deemed to be an offer to the public and shall accordingly be governed by the provisions provided in this regard by SEBI. 14. Any company making any offer or invitation of securities under private placement has to allot the securities within 60 days of receipt of application money.

Chapter IV - Share Capital and Debentures 1. If a company with intent to defraud issues a duplicate certificate of shares, the company shall be punishable with fine which shall not be less than five times the face value of the shares involved in the issue of the duplicate certificate but which may extend to ten times the face value of such shares or rupees ten crores whichever is higher and every officer of the company who is in default shall be liable for action. 2. Where the dividend in respect of a class of preference shares has not been paid for a period of two years or more, such class of preference shareholders shall have a right to vote on all the resolutions placed before the company. 3. Company cannot issue shares at discount other than as sweat equity. 4. A company may issue preference shares for a period exceeding twenty years for infrastructure projects, subject to the redemption of such percentage of shares as may

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be prescribed on an annual basis at the option of such preferential shareholders. Alteration of Share Capital shall be made only after making application to the Tribunal and getting approval. Provided that no such reduction shall be made if the company is in arrears in the repayment of any deposits accepted by it, either before or after the commencement of this Act, Further issue of capital will now be applicable to all types of companies. A company can make buyback even if it had at any time defaulted in repayment of deposit or interest payable thereon, redemption of debentures or preference shares or payment of dividend to any shareholder or repayments of any term loan or interest payable thereon to any financial institution or bank, provided that default must have been remedied and a period of 3 years must have lapsed after such default ceased to subsist. When the company issues prospectus or make an offer or invitation to the public or to its members exceeding five hundred for the subscription of its debentures, it is required to appoint a debenture trustee.

Chapter V – Acceptance of Deposits by Companies. 1. NBFCs are not covered by the provisions relating to acceptance of deposits and they will be governed under rules issued by Reserve Bank of India. 2. Where in respect of any deposit accepted by a company before the commencement of this Act, the amount of such deposit or part thereof or any interest due thereon remains unpaid, then amount has to repay within one year from such commencement or from the date on which such payments are due, whichever is earlier.

Chapter VI – Registration of Charges 1. Registration of charges shall be the duty of every company creating a charge within or outside India, on its property or assets or any of its undertakings, whether tangible or otherwise, and situated in or outside India, to register the particulars of the charge signed by the company and the charge-holder together with the instruments, if any, creating such charge in such form, on payment of such fees and in such manner as may be prescribed, with the Registrar within thirty days of its creation. 2. All types of charge created would be required to be registered with ROC.

Chapter VII - Management and Administration 1. The annual return, filed by a listed company or, by a company having such paid-up capital and turnover as may be prescribed, shall be certified by a company secretary in practice in the prescribed form.

2. First Annual General Meeting of the Company shall be held within the period of 9 months from closure of its first financial year instead of 18 months from the date of the Incorporation. AGM can be called on a public holiday. 3. Quorum of general meeting of a company will now depend upon the number of members of the company. Type of company Quorum of general meeting 1. Not more than 1000 members, at least 5 should be present personally. 2. More than 1000 members but upto 5000 members, at least 15 Public Company should be present personally. 3. More than 5000 members, at least 30 should be present personally. Private Company

Two members personally present

4. Postal ballot shall be applicable to all the companies, whether listed or unlisted. 5. The Central Government may prescribe the class or classes of companies and manner in which a member may exercise his right to vote by the electronic means. 6. The resolution requiring special notice has to be moved by such number of members holding not less than 1 % of total voting power or holding shares on which an aggregate sum of not less than five lakh rupees has been paid-up. 7. Every company has to follow the Secretarial Standards while preparing the minutes of board and general meeting.

Chapter VIII - Declaration and Payment of Dividend 1. A company may before the declaration of dividend transfer such & of its profits for that financial year to reserves as it may consider appropriate. This means that % of profits that can be transferred to reserves has been left to the wisdom of the company. 2. No dividend shall be paid by a company from its reserves other than free reserves. 3. A company cannot declare interim dividend at a rate higher than the average dividends declared by the company during the immediately preceding three financial years, where it has incurred loss during the current financial year up to the end of the quarter immediately preceding the date of declaration of interim dividend. 4. All shares for which unpaid or unclaimed dividend has been transferred to Investor Education Protection Fund shall also be transferred by the company in the name of Fund along with a statement containing such details as may be prescribed.

Chapter IX - Accounts of Companies 1. The company may keep books of account or other relevant papers in electronic form. 2. Along with financial statement, consolidated financial statement of all subsidiaries, Associate and Joint Venture shall be prepared and shall also be laid before the AGM. 3. NFRA had jurisdictions over CAs, cost accountants, company secretaries and any other profession as may be prescribed. 4. The Directors responsibility statement in case of listed company shall also include additional statement related to internal finance control and compliance of all applicable laws. 5. Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility 6. Board to ensure atleast 2% of average net profits may during 3 immediately preceding years spent every year on Corporate Social Responsibility. 7. Certain Class of companies are required to appoint an internal auditor to conduct internal audit of the books of company. Internal Auditor shall be a Chartered Accountant or Cost Accountant or such other professional as may be decided by Board.

Chapter X - Audit and Auditors 1. A transition period of 3 years from the commencement of this Act has been prescribed for the Company existing on or before the commencement of this Act to comply with the provision of the rotation of auditor. 2. The act provides for certain new additional disqualifications for the auditors. 3. Fraud reporting duty has been casted on the auditor, to immediately report to the central government 4. In case the auditor contravenes the provisions related to his powers & duties, provide services given under Clause 144 then in addition to punishment provided in the section, he shall be required to refund the remuneration received by him from the company and shall be liable to pay the damages to the company or to any person for the loss arising out of misleading or in correct information. 5. No approval is required of central government for the appointment of cost auditor to conduct the cost audit.

Chapter XI - Appointment and Qualifications of Directors 1. The maximum limit of directors in the Company has been increased to 15 with a power to add more directors upon passing of Special Resolution. 2. An independent director shall not be entitled to any stock option and may receive

remuneration by way of fee, reimbursement of expenses for participation in the Board and other meetings and profit related commission as may be approved by the members. 3. Every listed public company shall have at least one-third of the total number of directors as independent directors. Companies existing as on date of commencement of this Act have been provided a transition period of 1 year for the compliance of this provision. 4. Directors are required to mandatorily forward their resignation along with detailed reason for resignation also to the Registrar within 30 days of resignation in prescribed manner.

Chapter XII - Meeting of Board and Its Powers 1. Atleast 4 meeting should be held each year. There is no requirement of holding the meeting every quarter; the only requirement is that not more than 120 days shall elapse between two consecutive meetings. 2. Minimum number of four meetings of its Board of Directors every year in such a manner that not more than one hundred and twenty days shall intervene between two consecutive meetings of the Board. 3. The participation of directors in a meeting of the Board may be either in person or through video conferencing or other audio visual means, as may be prescribed. 4. The Board of Directors of every listed company and such other class or classes of companies, as may be prescribed, shall constitute an Audit Committee. 5. The political contribution shall not exceed 7.5% of the average net profits of the Company during the three immediately preceding financial years. 6. Disclosure of interest by every director has been made mandatory. 7. Forward dealing in securities of company by director and key managerial personnel is prohibited. 8. Insider trading of the securities in the company is prohibited.

Chapter XIII - Appointment and Remuneration of Managerial Personnel 1. Every company belonging to such class or description of companies as may be prescribed shall have Managing Director, or Chief Executive Officer or Manager and in their absence, a whole-time director and Company Secretary. 2. Same person shall not be the Chairperson and MD or CEO at the same time. (unless articles provide). 3. Secretarial Audit compliance report in case of certain class of companies to be annexed with the Board’s report.

Chapter XIV - Inspection, Inquiry and Investigation 1. The Central Government will establish Serious Fraud Investigation Office (SFIO) for investigation of frauds relating to a company. Till the time SFIO is not established, SFIO set up by Central Government to be used for the purpose of this section. 2. On completion of the investigation, the Serious Fraud Investigation Office shall submit the investigation report to the Central Government. 3. Investigation report filed by SFIO with the court for framing of charges shall be treated as a Report filed by a Police Officer. SFIO shall have the power to arrest. 4. No firm, body corporate or other association shall be appointed as an inspector. 5. In the process of the Investigation, Inquiry or inspection if any person a) Destroy, mutilates or falsifies or conceals or tamper or unauthorized removes or is a party to that or any document relating to the property, assets or affairs of the Company or body corporate or b) Makes or is a party to the making of any false entry in the document concerning the company or body corporate or c) Provides any false information which he knows to be false then he shall be liable to punishment for imprisonment for a term from 6 months to 10 years and shall also be liable to fine which shall not be less than the amount involved in fraud but which may extent upto 3 times of the amount of fraud. (Clause 229).

Chapter XV - Compromises, Arrangements and Amalgamations 1. No compromise or arrangement shall be sanctioned by the Tribunal unless a certificate by the company’s auditor has been filed with the Tribunal to the effect that the accounting treatment and accounting standard. 2. Separate provisions have been provided for the merger or amalgamation between two small companies or between a holding company and a wholly owned subsidiary company. 3. Specific provision for purchase of minority shares in case an acquirer or person acting in concert with the acquirer become holder of 90% or more of the issued capital of the company, either directly or by virtue of any amalgamation, share exchange, conversion of securities or any other reason.

Chapter XVI - Prevention of Oppression and Mismanagement The Bill provides for class action by specified number of Members or Depositors against the company except the banking company, which is prevalent in developed

countries. Penalty for failing to comply with an order passed by Tribunal. Company – Rs. 5 lakhs to Rs. 25 lakhs, Officer – Rs. 25000 to Rs. 10 lakhs, Imprisonment 3 years

Chapter XVII - Registered Valuers Where a valuation is required to be made in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets (herein referred to as the assets) or net worth of a company or its liabilities under the provision of this Act, it shall be valued by a person having such qualifications and experience and registered as a valuer.

Chapter XVIII - Removal of Names of Companies from the Registrar of Companies. 1. 2.

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Registrar has the power to remove the name of a company from its record. 75% members in terms of paid-up share capital, file an application in the prescribed manner to the registrar for removing the name of the company from the register of companies In case of a company regulated under a Special Act, approval of the regulatory body constituted or established under that Act shall also be obtained and enclosed with the application.

Chapter XIX - Revival and Rehabilitation of Sick Companies 1. Secured creditor may file an application to the Tribunal, within a period of sixty days of the receipt of an application tribunal has to determine whether the company is a sick company or not. 2. Any secured creditor of that company or the company may make an application to the Tribunal for the determination of the measures that may be adopted with respect to the revival and rehabilitation of such company. 3. Tribunal shall, not later than seven days from such receipt,— (a) fix a date for hearing not later than ninety days from date of its receipt; (b) Appoint an interim administrator. 4. Where an interim administrator has been directed to take over the management of the company, the directors and the management of the company shall extend all possible assistance and cooperation to the interim administrator to manage the affairs of the company 5. The Tribunal may direct the company administrator to take over the assets or management of the company and for the purpose of assisting him in the management of the company, the company administrator may, with the approval of the Tribunal, engage the services of suitable expert or experts

6. The Tribunal may, if it thinks fit, appoint an interim administrator as the company administrator.

Chapter XX – Winding Up 1. There are only two modes of winding up. (270 (1)) (i) By the Tribunal; or (ii) Voluntary 2. Circumstances in which company may be wound up by Tribunal. o if the company is unable to pay its debts o the company has acted against the interests of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality; o Tribunal has ordered the winding up of the company under Chapter XIX. o the company has made a default in filing with the Registrar its financial statements or annual returns for immediately preceding five consecutive financial years; 3. The Tribunal at the time of the passing of the order of winding up shall appoint an Official Liquidator or a company liquidator. 4. The Tribunal may, while passing an order of winding up of a company, direct that there shall be, an advisory committee to advise the Company Liquidator. 5. The company passes a special resolution that the company be wound up voluntarily. 6. Any alteration in the status of the members of the company, made after the commencement of the winding up, shall be void. 7. Official liquidator appointed shall be whole-time officers of the Central Government.

Chapter XXI Part I — Companies Authorized to Register under this Act 1. Company includes any partnership firm, limited liability partnership, cooperative society, society or any other business entity formed under any other law for the time being in force which applies for registration under this Part. 2. A company registered under the Indian Companies Act, 1882 or under the Indian Companies Act, 1913 or the Companies Act, 1956, shall not register. 3. Every company which is seeking registration under this Part shall, a) Prior consent from secured creditors b) Publish in a newspaper c) File an affidavit, duly notarized, from all the members or partners.

Part II - Winding up of unregistered companies

1. Unregistered company shall deem to be unable to pay its debts. 2. unregistered company may be wound up under the following circumstances, namely:— a) if the company is dissolved, or has ceased to carry on business, or is carrying on business only for the purpose of winding up its affairs; b) if the company is unable to pay its debts; c) if the Tribunal is of opinion that it is just and equitable that the company should be wound up.

Chapter XXII - Companies Incorporated Outside India 1. Service of documents on foreign company now can be served through any electronic mode. 2. The foreign offices are also required to comply with the provisions of winding up. 3. No person shall issue, circulate or distribute in India any prospectus offering to subscribe for securities of a company incorporated or to be incorporated outside India.

Chapter XXIII - Government Companies 1. Central Government is a member of a Government company. 2. Annual report has to prepare within three months of its annual general meeting.

Chapter XXIV - Registration Offices and Fees 1. The Central Government may appoint such Registrars, Additional, Joint, Deputy and Assistant Registrars as it considers necessary for the registration of companies 2. Returns and documents filed by a company with the Registrar on paper or in electronic form authenticated by the Registrar. 3. Any document, required to be submitted, filed, registered or recorded, or any fact or information required or authorized to be registered under this Act, shall be submitted, filed, registered or recorded within the time specified in the relevant provision on payment of such fee as may be prescribed.

Chapter XXV - Companies to Furnish Information or Statistics 1. In case a company furnishes incorrect information on order by the Central Government, then penalty shall be levied. 2. The Central Government may, by order, require companies generally, or any class of

companies, or any company, to furnish such information or statistics with regard to their or its constitution or working, and within such time, as may be specified in the order.

Chapter XXVI – Nidhis

1. Nidhi means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit. 2. Provisions of this Act shall not apply, or shall apply with such exceptions, modifications and adaptations as may be specified in the notification by the central government.

Chapter XXVII - National Company Law Tribunal and Appellate Tribunal 1. Tribunal consisting of a President and such number of Judicial and Technical members shall be appointed after consultation with the Chief Justice of India. 2. No suit, prosecution or other legal proceeding shall lie against the Tribunal, the President, member, officer or other employee. 3. A party to any proceeding or appeal before the Tribunal or the Appellate Tribunal, as the case may be, may either appear in person or authorise one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any other person to present his case before the Tribunal or the Appellate Tribunal, as the case may be. 4. All matters, proceedings or cases pending before the Board of Company Law Administration shall stand transferred to the Tribunal in accordance with the provisions of this Act;

Chapter XXVIII - Special Courts 1. For providing speedy trial offences, Central Government may by notification establish as may Special Courts as may be necessary. 2. The provisions of the Code of Criminal Procedure, 1973 shall apply to the proceedings before a Special Court. 3. The Central Government shall maintain a panel of experts to be called as the Mediation and Conciliation Panel. 4. Central Government may appoint generally, or for any case, as company prosecutors for the conduct of prosecutions arising out of this Act.

Chapter XXIX – Miscellaneous

1. Specific provisions related to any act of fraud. 2. any person who is found to be guilty of fraud, shall be punishable with imprisonment for a term which shall not be less than six months but which may extend to ten years and shall also be liable to fine which shall not be less than the amount involved in the fraud, but which may extend to three times the amount involved in the fraud. 3. Inactive company means a company which has not been carrying on any business or operation, or has not made any significant accounting transaction during the last two financial years, or has not filed financial statements and annual returns during the last two financial years. 4. The Central Government may, by order published in the Official Gazette, make such provisions, not inconsistent with the provisions of this Act, as appear to it to be necessary or expedient for removing the difficulty. Provided that no such order shall be made after the expiry of a period of five years from the date of commencement of this act.

The Act comprises of 7 schedules Schedule No. I

Name of the Schedule Section 4 And 5

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Useful Lives to Compute Depreciation

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General Instructions for Preparation of Balance Sheet and Statement of Profit and Loss of a Company (Sec 129)

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Code for Independent Directors (Sec 149(8))

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Conditions to be fulfilled for the Appointment of a Managing or Whole-Time Director or a Manager without the Approval of the Central Government and their Remuneration

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Sections 55 And 186 Related to Infrastructure Projects

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Corporate Social Responsibility