Schedules under Companies Act,2013-An analysis
Mohan Kumar
What are the Schedules retained under the Companies Act 2013?
New Schedule added, modified Schedules....
The Schedule which has come into effect already...
Schedules under Companies Act,2013-An analysis
- CS M.Kurthalanathan
Companies Act,1956 |
Companies Act,2013 |
16 Schedules |
7 Schedules |
As can be seen from the above, Companies Act has lesser schedules; the reason being the Act does not have the following schedules, which found a place in Companies Act 1956 :
|
Schedule |
Particulars |
Changes in Companies Act,2013 |
IA |
List of Relatives |
List of 15 Relatives are mentioned in the Draft rule 1.4 (corresponding to sec.2(77)(iii)) The Rules are yet to be notified. |
II |
Matters to be Specified in Prospectus and reports to be set out therein |
Details of matters to be specified in Prospectus are mentioned in the Draft rule 3.1 corresponding to Sec.26(1). Rules - Yet to be notified. |
III |
Form of Statement in Lieu of Prospectus (SLP) |
Companies Act, 2013 has done away with the concept of SLP |
IV |
Form of Statement in Lieu of Prospectus (SLP) to be filed by private company on becoming public company. |
Companies Act,2013 has done away with the concept of SLP |
V |
Annual Return Form |
New Form for filing of Annual Return (e-form 7.7 along with e-form 7.8) has been included. Section and Rules are yet to be notified. |
VII |
Restrictions on powers of Managing Agents, Secretaries and Treasurers |
Redundant after abolition of Managing Agents, Secretaries and Treasurers |
VIII |
Declaration to be made by Managing Agents, Secretaries and Treasurers |
Redundant after abolition of Managing Agents, Secretaries and Treasurers |
IX |
Form of Proxy |
New Form for appointment of Proxy is included (e-form 7.11) and await to be notified. |
X |
Table of fees to be paid to ROC |
Fees details are yet to be announced/ notified. |
XI |
Forms in which Sec.539 to 544 of the 1956 Act are to apply in cases where application made under Sec.397/398. |
This matter is dealt with section 26 of the Companies Act,2013. |
XII |
Enactments Repealed by the 1956 Act |
Sec.465 of the Companies Act, 2013 repeals the 1956 act except provision of Part IXA of the 1956 act relating to Producer Companies. |
XV |
List of Industries |
Omitted by the Companies Act,2013. |
The Companies Act,2013 has retained only 4 of 16 schedules of the Companies Act,1956 with changes and introduces 3 new schedules to cover new concepts of Independent Directors, CSR and Infrastructural Projects.
The 4 modified and 3 new schedules are summarized below;
|
Particulars |
Schedules | Remarks | ||
|
CA 1956 |
CA 2013 |
Companies Act,1956 |
Companies Act,2013 | |
Forms of MOA &AOA- Table F of the 1956 Act |
I |
I (Table A to J) |
Form of statement to be published by limited Banking Cos, Insurance Cos,etc.,. |
Formats modified to accommodate new concepts of OPC, e-voting,etc.,. |
Useful lives to Compute Depreciation |
XIV |
II |
It deals with only depreciation of tangible assets. It deals with the Rate of Depreciation of tangible assets. |
It deals with amortization of Intangible assets also. It deals with the useful lives of tangible assets and does not prescribe depreciation rates. |
General Instructions for Preparation of B/S &Statement of P&L of a Company |
VI |
III |
Form of B/S |
Same as Revised Sch.VI except that Sch.III contains instructions regarding consolidated accounts as preparation of consolidated accounts made mandatory by the 2013 act. |
Code of Independent Directors(IDs) |
------- |
IV |
----- |
IDs is new concept introduced by the 2013 Act. Sch.IV is a new schedule containing Code of Conduct for IDs. |
Conditions to be fulfilled for the appointment of a MD/WTD or a Mgr without the approval of CG |
XIII |
V |
----- |
----- |
|
Infrastructural Projects/Facility |
------- |
VI |
----- |
New Schedule introduced by the Companies Act,2013 |
Activities which may be included by companies in their CSR Polices |
------- |
VII |
----- |
MCA has notified Sec.135 & corresponding Rules & Sch.VII on 27 /02/14 to comply with mandatory CSR spends for specified companies. |
The Schedule relating to Depreciation requires greater analysis and will be published as a separate article shortly.
CS Riyanka Jain
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