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COMPANIES ACT 2013: CHECKLIST

The Companies Act 2013 comes into force from 1-April-2014 for the Indian corporate. There are sea changes brought in this Act from the earlier one. Let's have a quick browse on the checklist:

WHAT COMPANIES WILL HAVE TO DO?
IMMEDIATELY
  • Devise and implement policies on corporate social responsibility and vigil mechanism (if any one of the criteria satisfied ~ networth of Rs.500 crore or more, turnover of Rs. 1,000 crore or more, a net profit of Rs. 5 crore or more during any financial year)
  • Finalise a new code for independent directors and identify and notify the related parties to their respective accounts departments
  • Print new stationery, bills, etc, with name, address of the registered office, Company Identification No. (CIN), telephone, fax, email and website
  • File returns with the Registrar of Companies on changes in top 10 shareholders
  • Get certificate of independence from directors
  • Maintain register of key management personnel (KMP)
WITHIN THREE MONTHS
  • File returns on public deposits
WITHIN ONE YEAR
  • Reconstitute boards with at least one woman director and two independent directors

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