Amendments made to Companies Act 2013 vide Finance Bill 2017 as passed by Lok Sabha on 22.3.2017:
1) In Section 182:
i) in sub-section (1) –
a) first proviso shall be omitted;
b) in the second proviso –
A) the word “further” shall be omitted;
B) the words “and the acceptance” shall be omitted;
ii) for sub-section (3), the following shall be substituted, namely:--
“(3) Every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates.
(3A) Notwithstanding anything contained in sub-section (1), the contribution under this section shall not be made except by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account:
Provided that a company may make contribution through any instrument, issued pursuant to any scheme notified under any law for the time being in force, for contribution to the political parties.”
1) In Section 182:
i) in sub-section (1) –
a) first proviso shall be omitted;
b) in the second proviso –
A) the word “further” shall be omitted;
B) the words “and the acceptance” shall be omitted;
ii) for sub-section (3), the following shall be substituted, namely:--
“(3) Every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates.
(3A) Notwithstanding anything contained in sub-section (1), the contribution under this section shall not be made except by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account:
Provided that a company may make contribution through any instrument, issued pursuant to any scheme notified under any law for the time being in force, for contribution to the political parties.”
2) In Section 410:
For the words “for hearing appeals against the orders of the Tribunal”, the terms and following shall be substituted, conditions of namely:--
“for hearing appeals against, --
a) the order of the Tribunal under this Act; and
b) any direction, decision or order referred to in section 53N of the Competition Act 2002 in accordance with the provisions of that Act”;
3) After Section 417 the following section shall be inserted:
“417A. Qualification, terms and conditions of service of Chairpersons and Members:
Notwithstanding anything contained in this Act, the qualification, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act 2017 shall be governed by the provisions of Section 179 of that Act:
Provided that the Chairperson and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act 2017 shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 179 of the Finance Act 2017 had not come into force.”
For the words “for hearing appeals against the orders of the Tribunal”, the terms and following shall be substituted, conditions of namely:--
“for hearing appeals against, --
a) the order of the Tribunal under this Act; and
b) any direction, decision or order referred to in section 53N of the Competition Act 2002 in accordance with the provisions of that Act”;
3) After Section 417 the following section shall be inserted:
“417A. Qualification, terms and conditions of service of Chairpersons and Members:
Notwithstanding anything contained in this Act, the qualification, appointment, term of office, salaries and allowances, resignation, removal and other terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal appointed after the commencement of Part XI of Chapter VI of the Finance Act 2017 shall be governed by the provisions of Section 179 of that Act:
Provided that the Chairperson and Member appointed before the commencement of Part XI of Chapter VI of the Finance Act 2017 shall continue to be governed by the provisions of this Act and the rules made thereunder as if the provisions of section 179 of the Finance Act 2017 had not come into force.”
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