MCA UPDATE

The Companies (Removal of Difficulties) Third Order, 2016

The Ministry of Corporate Affairs has made the Companies (Removal of Difficulties) Third Order, 2016 whereby the following proviso has been substituted for the third proviso of Section 139(2):

"Provided also that every company, existing on or before the commencement of this Act which is required to comply with the provisions of this sub-section, shall comply with requirements of this sub-section within a period which shall not be later than the date of the first annual general meeting of the company held, within the period specified under sub-section (1) of section 96, after three years from the date of commencement of this Act.".

 lt shall be deemed to have come into force from 01st April, 2014