Latest Companies (Accounts) Rules, 2014 key points

In the Companies (Accounts) Rules, 2014, (hereinafter referred to as principal rules), in Rule 6, for the second proviso, the following proviso shall be substituted namely:-  "Provided further that nothing in this rule shall apply in respect of preparation of consolidated financial statements by a company if it meets the following conditions:-  (i) it is a wholly-owned subsidiary, or is a partially-owned subsidiary of another company and all its other members, including those not otherwise entitled to vote, having been intimated in writing and for which the proof of delivery of such intimation is available with the company, do not object to the company not presenting consolidated financial statements;  (ii) it is a company whose securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India and  (iii) its ultimate or any intermediate holding company files consolidated financial statements with the Registrar which are in compliance with the applicable Accounting Standards." 2. MCA vide notification G.S.R dated 27.07.2016 made amendments in Companies (Incorporation) Third Amendment Rules, 2016. The following amendments have occurred:  In the Companies ( Incorporation ) Rules, 2014 (hereinafter referred to as the principal rules), in Rule 3, for sub-rule (2), the following shall be substituted, namely:-  "(2) A natural person shall not be member of more than a One Person Company at any point of time and the said person shall not be a nominee of more than a One Person Company". 3. MCA vide notification S.O.(E) dated 27.07.2016 notifies in exercise of the powers conferred by sub-section (1) of section 435 of the Companies Act, 2013, the Central Government hereby, with the concurrence of the Chief Justice of the High Court of Delhi, designates Court of Additional Sessions Judge-03, South-West District, Dwarka as Special Court for the purposes of providing speedy trial of offences punishable under the Companies Act, 2013 with imprisonment of two years or more under the Companies Act, 2013. They shall come into force from the date of their publication in the Official Gazette



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