MCA UPDATE

The Companies (Removal of Difficulties) Order, 2016

Ministry of Corporate Affairs vide Order No. S.O.1226(E) dated 29.03.2016 issued the Companies (Removal of Difficulties) Order, 2016 whereby the following proviso has been inserted after sub-section (2) of Section 143:

“Provided that until the National Financial Reporting Authority is constituted under section 132, the Central Government may hold consultation required under this sub-section with the Committee chaired by an officer of the rank of Joint Secretary or equivalent in the Ministry of Corporate Affairs and the Committee shall have the representatives from the Institute of Chartered Accountants of India and Industry Chambers and also special invitees from the National Advisory Committee on Accounting Standards and the office of the Comptroller and Auditor-General.

It shall be deemed to have come into force from the 10th April, 2015