Overview of Companies (Amendment) Act, 2017

Introduction

Amendment meaning –

The word amendment means the changes or addition of any laws, contracts, constitutional acts, other legal acts, etc. to improve. These changes can be both formal and informal. 

Amendment meaning in English –

Amendment in English means a minute alteration or change of something maybe a law, legislation, or a piece of text.

Body

The Companies (Amendment) Act, 2017

The whole Companies Act 2017 was a huge area of study. The companies Act 2017 added several Amendments to the Companies Act, 2013. One of the most significant legal reforms presently is the enactment of the Companies Act, 2013 which renovates the former Companies Act, 1956. 

The Act of 2017 brings with it new changes in the company law especially interconnected to disclosure, accountability, compliance, corporate governance; also including the sectors of Preferential Allotment, Related Party Transactions, Managerial Remuneration, Board’s Report, Corporate Social Responsibility (CSR), Deposits and other matters. In Lok Sabha, the Companies Amendment Bill 2017 was initiated on the 16th of March, 2016. 

Then the bill was put forward to the standing committee for its report on 30th November 2016 after considering different aspects. The Companies (Amendment) Bill, 2017 passed by Lok Sabha on July 27, 2017, received the consent of Rajya Sabha on 19th December 2017. The Bill was passed by the President on January 3, 2018. Thus the Companies (Amendment) Act, 2017 was introduced. The Companies (Amendment) Act, 2017 coordinates with other regulations and facilitates doing business more easily. Still, now Section 1 and 4 of the said act have been notified and Section 3A was inserted.

What are the Amendments?

The word amendment means the changes or addition of any laws, contracts, constitutional acts, other legal acts, etc. to improve. These changes can be both formal and informal. The amendment is generally a correction or addition that leaves the original document intact as a whole.

What are the amendments to the constitution of India related to Companies (Amendment) Act?

The 6 major Amendments in the constitution of India related to Companies (Amendment) Act are:-

1. The Companies Act 1956

   The Companies Act 1956 amends the 15th schedules, in 658 sections includes XIII Parts.

2. The Companies 2013

    The Companies Act 2013 amends the 7th schedules, in 470 sections includes 29 chapters.

3. The Companies (Amendment) Act, 2015

    The Companies Act 2015 is under the Section 72 or section 73.

4. The Companies (Amendment) Act, 2017

    The Companies (Amendment) Act, 2017 has the enforcement of the provisions of  section 1 and section 4 and Section 3A was inserted.

5. The Companies (Amendment) Act, 2019

    The Companies (Amendment) Act, 2019 adds up Section 10A.

6. The Companies (Amendment) Act, 2020

     The Companies (Amendment) Act, 2020 inserted Chapter XXIA which contains Sections 378A to 378ZU in the Companies Act, 2013.

Conclusion

    This is to conclude that the amendment meaning is addition or changing of anything like laws, legislation or a simple text, etc. In amendments often addition and extraction are done without changing the meaning. . The amendment is generally a correction or addition that leaves the original document intact as a whole.

Amendment in English means a minute alteration or change of something maybe a law, legislation, or a piece of text.