CORPORATE LAW- I

PROJECT ON

IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE

INCORPORATION OF COMPANIES ACT 2013

Submitted to:

Dr. Dipak Das

(Assistant Professor)

Submitted by:

MUSKAN KHATRI

Section B

Roll No- 87

Semester- V, B.A.L.LB. (Hons.)

Hidayatullah National Law University

Naya Raipur, Chhattisgarh

 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

Acknowledgements

Thanks to the Almighty who gave me the strength to accomplish the project with sheer hard work
and honesty. This research venture has been made possible due to the generous co-operation of
various persons. To list them all is not practicable, even to repay them in words is beyond the
domain of my lexicon.
This project wouldn’t have been possible without the help of my teacher, Dr. Dipak Das, Esteemed
Faculty at HNLU, who had always been there at my side whenever I needed some help regarding
any information. He has been my mentor in the truest sense of the term. The administration has
also been kind enough to let me use their facilities for research work. I thank them for this.

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

Declaration

I, Muskan Khatri hereby declare that, the project work entitled, ‘Implications of Amendments
brought after the incorporation of Companies Act 2013’ submitted to H.N.L.U., Raipur is record
of an original work done by me under the able guidance of Dr. Dipak Das, Esteemed Faculty
Member, H.N.L.U., Raipur.

MUSKAN KHATRI
Roll No.87
Class V B
23/10/2019

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

TABLE OF CONTENTS

Chapter Serial No Chapter name Page No

1 Research Methodology 05
2 Introduction 06
3 Major Changes brought in the Companies 07
(Amendment) Act 2015
4 Major Changes proposed in the Companies 14
(Amendment) Bill 2017
5 Conclusion 18
N.A. References 19

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

Chapter – I

Research Methodology
This research project work is descriptive & evaluative in approach. The research methodology
adopted in this project work is doctrinal and non-empirical in nature with data taken from Ministry
of Corporate Affairs, Government of India website and secondary sources such as newspaper
reports, articles, press releases by government and esteemed persons among legal fraternity have
been used.

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

Chapter – II

Introduction

The Companies legislation in India is an evolving one and started from the incoming of East India
Company in India borrowed from the concept of merchant guilds in England to passing of first
ever Companies legislation in India in 1850. New Acts and amendments came thereafter and
Companies Act 1956 was the most suitable Act in India till that date. But with the passage of time,
amendments were done and finally a new Companies Act (2013) came into picture.

The Companies Act 2013 has been the most advanced Company Act in India till date. It brought
with its incorporation some of very peculiar features unknown to India such as Corporate Social
Responsibility, One-Person Company, National Company Law Tribunal, Fast Track Mergers,
women empowerment in the corporate sector, Class action suits for Shareholders, etc.

Even after the passing of Companies Act 2013, there has been an amendment which received the
assent of the President of India on 25 May 2015. Moreover, Lok Sabha has passed another
amendment on 28 July 2017 which also seeks to amend many provisions in the Companies Act
2013. Therefore it is required to study the changes brought in the Act to keep ourselves updated
with the law and for the companies to ensure compliance procedures by the professionals. This
research work is aimed for the same job.

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

Chapter – III

Major Changes brought in the Companies (Amendment) Act 2015

The objective of this amendment can be known after Corporate Affairs Minister Arun Jaitley told
the house that some of the original provisions were only posing hurdles to doing business in the
country. This Act came into force on 26th May, 2015. The proposed amendments deal with related
party transactions, fraud reporting by auditors, public inspection of Board resolutions,
responsibilities of audit committee, restrictions on bail, making common seal optional,
requirement for minimum paid-up share capital, strength of benches for hearing winding up cases,
jurisdiction of special courts to try offences. The provisions of the Amendment Act shall come into
force on the dates appointed by the Central Government in this regard.

1. Removal of minimum paid up share capital: The definition of “private company” and
“public company” under Section 2 of the Act earlier provided for a requirement of having
a minimum paid-up share capital of one lakh rupees and five lakh rupees, respectively. The
Amendment Act omits requirements for such minimum paid up share capital. It is a
welcome change as companies can now be set up without having to arrange for any
minimum capital. It is pertinent to note that, post this amendment, Sections 2 (68) and 2
(71) continue to retain the words “minimum paid up share capital as may be prescribed”.
Hence, the Parliament has given the Central Government a right to prescribe a minimum
capital requirement in the future.

2. Common seal – An amendment has been made in section 12 subsequent to which the
requirement of making a common seal has now become optional. Due to this changes have
been made accordingly with regard to authorization for execution of documents. An earlier
common seal was required in several financial instruments such as the bill of exchange,
share certificates etc. With the amendment in the requirement of the common seal, several

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

sections such as section 9, 22, 46, 223 which mandate common seal in the Companies Act
have been amended.

3. No Requirement for Commencement of Business Certificate: The Companies Act,

2013 introduced the concept of Commencement of Business Certificate for Private Limited
Company. The Commencement of Business Certificate was to be obtained after
incorporation and before commencing business by filing a declaration with the Registrar.
The declaration for Commencement of Business Certificate stated that every subscriber to
the MOA has paid the value of the shares agreed to be taken by him and the paid-up share
capital of the company is not less than five lakh rupees in case of a public company and
not less than one lakh rupees in case of a private company. The requirement of obtaining
Commencement of Business Certificate post incorporation has been removed in the
Companies Amendment Act, 2015. As a consequence to this, the fillings to be made by
companies in India have reduced.

4. Punishment for acceptance of deposits introduced: Section 73 of the Act prohibits a

company from inviting, accepting or renewing deposits from the public except in the
manner provided under Chapter V of the Act. The penalty for non-compliance with this
Section had been inadvertently left out under the Act. Therefore, Section 76A has been
introduced by the Amendment Act as the penalty provision.
The proposed penalty is (i) the payment of the amount accepted as deposit and the interest
due by the company along with payment of fine by the company which shall not be less
than one crore rupees and which may extend up to ten crore rupees, and (ii) every officer
who is in default shall be punishable with imprisonment which may extend to seven years
or fine which may extend to two crore rupees or both. 1 Further, if it is proved that the
officer in default has contravened the said provisions knowingly or willfully, with an
intention to deceive then he shall be additionally liable for action under Section 447 which
prescribes the punishment for the commission of fraud. It is quite likely that the deposit

1
Section 76A of Companies (Amendment) Act 2015

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IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

accepted by the company is much lesser than one crore. In such cases, the punishment
prescribed not only seems unreasonable and disproportional but additionally imposes
burden on the company to arrange for these funds. The intent of the Amendment Act seems
not just to punish the company for the wrongful acceptance of deposit but also to deter the
companies from undertaking such acts.
5. Board Resolution are Confidential: So far Board Resolutions executed by the Company
had to be filed with the Ministry of Corporate Affairs. The Board Resolutions were public
documents and could be downloaded by paying a fee.
This amendment to Section 117 of the Act clarifies that no person shall have the right to
inspect or obtain copies of resolutions passed by the board of a company relating to matters
prescribed under Section 179 (3). These include matters relating to buy-back, issuance of
securities, borrowing or investing monies, approving financial statements, granting loans,
acquisition of control etc. Though the filings with respect to these matters are still required
to be made, the amendment possibly aims to address the demand of companies which do
not want to expose its regular business operations to the general public.

6. Losses to be written off before declaration of dividend: The Companies Amendment

Act, 2015 has inserted the section “Provided also that no company shall declare dividend
unless carried over previous losses and depreciation not provided in previous year or years
are set off against profit of the company for the current year”.

Rule 3(3) of the Companies (Declaration ad Payment of Dividend) Rules, 2014 provides
that in the event of inadequacy or absence of profits in any year, a company may declare
dividend out of its free reserves. It further mandates that all such surplus amounts should
first be utilized to set off the losses incurred in that financial year before any dividend in
respect of equity shares is declared. Such a provision had been missing in the Act. The
Amendment Act has added this as a proviso to Section 123 of the Act. It is now clarified

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

that the dividends cannot be declared unless all losses are fully written off against the
profits.2

7. Regulation of transfers of unclaimed dividend and shares: Section 124 of the Act
provides for the transfer of the dividend declared, but not claimed within 30 days of such
declaration, to the unpaid dividend account. Under sub-section 6, the Amendment Act has
now clarified that, if such dividend has not been paid or claimed for a period of seven
consecutive years from the date of such transfer then such amount shall be transferred by
the company to the Investor Education and Protection Fund (“Fund”) along with the shares
in respect to which the unclaimed/unpaid dividend has been transferred. By adding an
explanation to the proviso of the said sub-section, the Amendment Act has clarified that if
any dividend is paid or claimed for any year during the said period of seven consecutive
years, such shares shall not be transferred to the Fund.

8. Only fraud involving amounts exceeding a prescribed threshold to be reported:

Section 143(12) of the Act prescribed that in case the auditor has reason to believe that an
offence involving fraud is being committed against the company by officers or employees
of the company, he shall immediately report the matter to the Central Government.
However, the Amendment Act has now provided that only such offences which involve
amounts exceeding the prescribed threshold must be reported to the Central Government.
Further, all offences that involve fraud but are below the aforementioned threshold, must
be reported to the Audit Committee and disclosures pertaining to the same must be made
in the Board’s Report. The Amendment Act has qualified offences relating to fraud in
monetary terms. This amendment ensures that frauds involving small amounts are not
escalated to the Central Government. However, there is sufficient deterrence for all kinds
of frauds, even those involving smaller amounts, as all frauds need to be reported to the
audit committee and further disclosed in the board’s report

2
Companies (Amendment) Act, 2015: Key Highlights. Retrieved October 01, 2019, from
http://www.mondaq.com/india/x/410320/Corporate Commercial Law/Companies Amendment Act 2015 Key
Highlights%7C

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IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

9. Exemption u/s 185 for loans to wholly owned subsidiaries: Under Section 185 of the
Act, loans or guarantees/ securities given to wholly owned subsidiaries and
guarantees/securities on loans taken from banks by subsidiaries have been exempted from
complying with the requirements under this Section, provided that such loans are utilized
by the subsidiaries for its principal business activities. Such clarification had already been
provided under the Rules. Now by way of this amendment, similar language has been
included in Section 185 of the Act as well to clarify the same.

10. Approval of related party transactions

a. Section 188 (1) of the Act read along with Rule 15 of the Companies (Meetings of
Board & its Powers) Rules, 2014 (“Rules”) provides that a special resolution is required
by a company to enter into any contract or arrangement with a related party. In order
to solve the problems faced by large stakeholders who are related parties, the
Amendment Act has replaced the requirement of passing a ‘special resolution’ with
‘ordinary resolution’ for approval of related party transactions by non-related
shareholders.
b. Explanation to Rule 15 of the Rules further provides that for the purpose of entering
into a transaction between wholly owned subsidiary and a holding company, a special
resolution passed by the holding company shall be sufficient. By way of this
amendment, related party transactions between holding companies and wholly owned
subsidiaries have been exempt from the requirement of approval of non-related
shareholders if the accounts of such a subsidiary are consolidated with such holding
company and placed before the shareholders at the general meeting for approval.
c. Section 177 of the Act allows the audit committee of a company to approve and review
related party transactions of the company. The Amendment Act now empowers such
audit committees to give collective approvals for related party transactions on an annual
basis. This amendment aligns the Act with the SEBI policy and further increases the
ease of doing business for companies.

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

11. Bail Restrictions: Section 212 (6) provides that in the case of certain offences relating to
fraud, the accused person cannot be released on bail unless the (i) Public Prosecutor has
been given an opportunity to oppose such bail and (ii) the court is satisfied that there are
reasonable grounds for believing that the accused person is not guilty of the offence and he
is not likely to commit any offence while on bail. Pursuant to the Amendment Act this
restriction on bail shall now only apply to the offence of ‘fraud’ under Section 447 of the
Act. The offence of fraud under Section 447 includes any act, omission, concealment of
any fact or abuse of position committed by any person or any other person with the
connivance in any manner, with intent to deceive, to gain undue advantage from, or to
injure the interests of, the company or its shareholders or its creditors or any other person,
whether or not there is any wrongful gain or wrongful loss.3

12. Offences triable by Special Courts: Earlier according to section 435 and 436, the Central
Government had the power to set up courts which shall be empowered to try offences
mentioned under the Companies Act, 2013. However, with the amendment coming into
force, the special courts shall no longer have the jurisdiction to try all the offences
mentioned the Companies Act, 2013. Section 435 of the Act has been amended to include
that Special Courts shall only try offences carrying imprisonment of two years or more.
This amendment has been introduced to allow magistrate courts to try minor violations. 4
Section 419 (4) states that the President shall, for disposal of any case relating to winding
up of companies, constitute a special bench consisting of three or more members. The
Amendment Act has rectified the inadvertent error, as the winding up cases are to be heard
by 2-member Bench instead of a 3-member Bench.

13. Loan to directors: Under the Companies Act, section 185, a company give loans,
guarantees and securities to its directors or other persons in whom the interest of the

3
COMPANIES (AMENDMENT) ACT, 2015, Retrieved October 01, 2019, from
http://www.manupatrafast.in/NewsletterArchives/listing/Induslaw/2015/JUNE-2015.pdf
4
Section 435 of Companies (Amendment) Act 2015

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IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

directors lie. However, with the amendment, certain additional exceptions have been
inserted to this section according to which nothing contained in Section 185 shall apply to
loans or guarantees given by the holding company to the subsidiary company and guarantee
given by the holding company in respect of the loan of its subsidiary company by a bank
or financial institution.

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

Chapter – IV

Major Changes proposed in the Companies (Amendment) Bill 2017

The Companies (Amendment) Bill, 2017, introduced in Lok Sabha on 16 March, 2016 as The
Companies (Amendment) Bill, 2016 was referred to the Standing Committee on Finance on 12
April, 2016. The Committee after hearing the views of the representatives of the Chambers of
Commerce and Industry as well as professional bodies adopted its report on 30th November, 2016.
The Government after considering the suggestions of the Committee and also the experience
gained by it, gave notice of amendments as approved by the Cabinet to the Lok Sabha. The Lok
Sabha has passed the Companies (Amendment) Bill, 2017 on July 27, 2017. The Bill seeks to
amend the existing Companies Act, 2013 and is yet to be approved by the Rajya Sabha.

The major amendments proposed include simplification of the private placement process,
rationalization of provisions related to loan to directors, omission of provisions relating to forward
dealing and insider trading, doing away with the requirement of approval of the Central
Government for managerial remuneration above prescribed limits, aligning disclosure
requirements in the prospectus with the regulations to be made by SEBI, providing for maintenance
of register of significant beneficial owners and filing of returns in this regard to the ROC and
removal of requirement for annual ratification of appointment or continuance of auditor.

The major official amendments subsequently introduced include continuing with the
provisions relating to layers of subsidiaries, continuing with the earlier provisions with respect of
memorandum, making offence for contravention of provisions relating to deposits as non-
compoundable, requiring attaching of financial statement of associate companies, stringent
additional fees of Rs 100 per day in case of delay in filing of annual return and financial statement
etc.The bill has total 93 Clauses by which 92 Amendments been carried out in Companies Act,
2013, which includes Amendment of Existing Sections, Insertion of New Sections, Substitution of
Existing Section with New Sections and Omission of Few Sections.

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

Bill Amends Following Sections of Companies Act, 2013 – 2, 4, 7, 12, 21, 26, 35, 47, 53, 54, 62,
73, 74, 76A, 77, 78, 82, 89, 92, 94, 96, 100, 101, 110, 121, 123, 129, 130, 132, 134, 135, 136, 137,
139, 140, 141, 143, 147, 148, 149, 152, 153, 157, 160, 161, 164, 165, 167, 168, 173, 177, 178,
180, 184, 186, 188, 196, 197, 198, 200, 201, 2016, 223, 236, 247, 366, 374, 379, 384, 391, 403,
409, 410, 411, 412, 435, 438, 439, 440, 441, 447, 458.

Bill Omits Following Sections of Companies Act, 2013– 93, 194 and 195.
Bill Inserts Following New Section in Companies Act, 2013- Section 3A- Members severally
liable in certain cases, section 446A- Factors for determining level of punishment. Section 446B
– Lesser penalties for One Person Companies or small companies.5
Bill Substitutes Following Sections of Companies Act, 2013- Section 42 Issue of shares on private
placement basis, Section 90- Register of significant beneficial owners in a company. Section 185-
Loans to directors, etc. Section 406- Provision relating to Nidhis and its application, etc.

1. Changes in Definitions proposed: Change in explanation of the term ‘significant

influence’ under the definition of Associate Company has been proposed. Significant
influence is proposed to mean control of atleast 20% of the voting power or control or
participation in business decision under an agreement. Currently the Act provides for
control of at least 20% total share capital.

Change in definition of ‘cost accountant’ is proposed. “Cost Accountant" means a person

who is a member of the Institute of Cost and Works Accountants of India and who holds a
valid certificate of practice.

It is proposed that for the purpose of definition of the term ‘holding company’, the
expression "company" will include any body corporate.

It is proposed to delete the definition of the term ‘Interested director’.

Including the word ‘and’ in the definition for more clarity is proposed to clarify that a
public company must satisfy both the conditions mentioned in the sub-section.

5
AN OVERVIEW OF THE COMPANIES (AMENDMENT) BILL, 2017, Retrieved October 01, 2019, from
http://corporateprofessionals.com/pdf/CompaniesAmendmentBill2017.pdf

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

2. “Related Party” To Include Investing Company: Following two amendments are

proposed:
• Instead of only a company, anybody corporate which is holding, subsidiary or an associate
company of such company or a subsidiary of a holding company to which it is also a
subsidiary or an investing company or venture of the Company, shall be considered as a
related party.
• “An investing company or the venturer of the company” will mean a Body corporate
whose investment in the company would result in the company becoming an associate
company of the body corporate.

In Section 2(87) of Companies Bill 2017, it is proposed that a company will be treated as
subsidiary in case the holding company exercises or controls more than one-half of the
total voting power either at its own or together with one or more of its subsidiary
companies. Currently the Act provides for exercise or control of more than half of the total
share capital.

In Section 2(85) of Companies Bill 2017 for a small company,

• It is proposed to increase the maximum paid-up share capital amount which can be
prescribed for the purpose of determining a company as a small company from five crore
rupees to ten crore rupees and prescribed turnover amount from twenty crore rupees to one
hundred crore rupees.
• Further turnover should be as per profit and loss account for the immediately preceding
financial year and not as per its last financial year. 6

3. Change in Private Placement Issuances: Rights of Renunciation in Jeopardy: The

amendment Bill seeks to amend the entire Section 42, Companies 2013 that deals with the

6
Upadhyay, P., Companies Act, 2013: The Top 7 Changes That Lok Sabha Has Approved. Retrieved October 04,
2019, from http://www.bloombergquint.com/law-and-policy/2017/07/29/companies-act-2013-the-top-7-changes-
that-lok-sabha-has-approved

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

issue of shares on private placement basis. One of the important changes relates to rights
of renunciation.
The 2013 Act permits investors to renunciate their investment rights in favour of another
entity. The amendment takes away this right. This means only investors whose names are
mentioned in the information memorandum, filed by the issuer, can subscribe to the shares.

4. Change in Loan & Investment By Company: Section 186 of the 2013 Act prescribes
that a company cannot extend any loan exceeding sixty percent of its paid-up share capital,
free reserves and securities premium account or one hundred percent of its free reserves
and securities premium account, whichever is more.
The amendment seeks to remove employees from this restriction.
5. Related Party Transactions: Section 188, 2013 Act deals with related party transactions.
It requires board approval for certain transactions with related parties and prohibits
interested parties from voting on such resolutions.
The amendment seeks to relax the voting restriction in cases where 90 percent or more
members, in number, are relatives of promoters or are related parties.
6. Independent Directors: Pecuniary Interest Provision Relaxed: Section 149 of the 2013
Act mandates the appointment of independent directors on the board of a company. It
defines independent director as someone who has or had no pecuniary relationship with the
company, its holding, subsidiary or associate company, or their promoters, or directors,
during the two immediately preceding financial years or during the current financial year.
The amendment seeks to exclude remuneration and transactions not exceeding 10 percent
of his total income from what constitutes pecuniary relationship.7

7
Divesh Goyal, ‘Summary Of Companies Amendment Bill, 2017 as passed by Lok Sabha’ Retrieved October 04,
2019 from https://taxguru.in/company-law/summary-companies-amendment-bill-2017-passed-lok-sabha.html/

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 IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

Chapter – V

Conclusion

We can witness from the numerous amendments that took place between the old Companies Act
1956 to the incorporation of this new Companies Act 2013 that the company sector governance
has never been stable and easy for government to cope up with. We can also conclude that the
corporate sector in India is multi-dimensional and it still has to evolve and introduce new and
emerging concepts as it did in the present Act. A lot has to be learned from the global perspective
and is thus suggested to keep pace with time.

Amendments are also done with a view to ease compliance requirements by the Company so that
the Company don’t invest much time and money in such tasks though a benchmark has to be
maintained between the two so that the operations and transactions of the company don’t go
unaccounted for and is kept at close and strict vigilance by the authorities like the Registrar of
Companies and ultimately Ministry of Corporate Affairs.

The aim Digital India of Shri Narendra Modiji also deserves an applaud as it has changed the
scenario of companies compliance both before and after the incorporation of the company. Even
the registration can be done online these days and it is a matter of cheaper, faster and effectiveness
of the system.

The amendments are proposed and implemented so as to boost the corporate sector in the company
and emergence of concepts like One-Person Company, Women empowerment and corporate social
responsibility shows that the future of corporate sector is in healthy lines.

There have been two amendments in view after the incorporation of Companies Act 2013 i.e.
Amendment Act of 2015 and proposed Amendment Act of 2017. A lot of changes have been seen
in the provisions including the basic definitions of the Act. Therefore, it is to be seen when the
new Act receives the assent of President of India and implemented after notification in the Official
Gazette.

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IMPLICATIONS OF AMENDMENTS BROUGHT AFTER THE INCORPORATION OF COMPANIES ACT 2013

References

 Ministry of Corporate Affairs, Government of India. Companies (Amendment) Act 2015

obtained from http://www.mca.gov.in/Ministry/pdf/AmendmentAct_2015.pdf.
 India: Companies (Amendment) Act, 2015: Key Highlights. Retrieved October 01, 2019,
from
http://www.mondaq.com/india/x/410320/Corporate Commercial Law/Companies
Amendment Act 2015 Key Highlights
 COMPANIES (AMENDMENT) ACT, 2015, Retrieved October 01, 2017, from
http://www.manupatrafast.in/NewsletterArchives/listing/Induslaw/2015/JUNE-2015.pdf
 Major Changes in the Companies (Amendment) Act 2015, Retrieved October 01, 2019,
from https://taxguru.in/company-law/companies-amendment-act-2015.html/
 AN OVERVIEW OF THE COMPANIES (AMENDMENT) BILL, 2017, Retrieved
October 01, 2019, from
http://corporateprofessionals.com/pdf/CompaniesAmendmentBill2017.pdf
 Upadhyay, P., Companies Act, 2013: The Top 7 Changes That Lok Sabha Has Approved.
Retrieved October 03, 2017, from http://www.bloombergquint.com/law-and-
policy/2017/07/29/companies-act-2013-the-top-7-changes-that-lok-sabha-has-approved
 Divesh Goyal, ‘Summary Of Companies Amendment Bill, 2017 as passed by Lok Sabha’
Retrieved October 03, 2019 from https://taxguru.in/company-law/summary-companies-
amendment-bill-2017-passed-lok-sabha.html/

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