Management and Administration

MCA UPDATE

The Companies (Management and Administration) Amendment Rules, 2016

The MCA has further made amendments in the Companies (Management and Administration) Rules, 2014 whereby following broad changes have been made in the rules:

In Rule 3(1) the existing proviso has been substituted with a new proviso whereby

In the case of a company existing on the commencement of the Act, the particulars as available in the register of members maintained under the Companies Act, 1956 shall be transferred to the new register of members in Form No.MGT-1 and in case additional information, required as per provisions of the Act and these rules, is provided by the members, such information may also be added in the register as and when provided

In Rule 13 following rule has been substituted : -

“Every listed company shall file with the Registrar, a return in Form No. MGT.10, with respect to changes in the shareholding position of promoters and top ten shareholders of the company, in each case, representing increase or decrease by two per cent or more of the paid-up share capital of the company, within fifteen days of such change”

The amendments have also been made in Rule 3(1), (2), Rule 9(1), (2), Rule 13, Rule 17, Rule 20(2), Rule 22, Rule 25(1)

Form MGT-6 - Return to the Registrar in respect of declaration of beneficial interest in shares under section 89 by the company is revised.

These amendments have come into effect from 23.09.2016.

Acknowledgement