This is to inform that, in a Gazette Notification dated 28th August, 2020, the Ministry of Corporate Affairs (“MCA”) has appointed 28th August, 2020 as the date when the below-mentioned amendment (which was issued through the Companies Amendment Act, 2017) to the Companies Act, 2013 has gained effect.
| Companies Act, 2013 | Companies (Amendment) Act, 2017 | Implication |
| Section 92: Annual Return
(…)
(3) An extract of the annual return in such form as may be prescribed shall form part of the Board’s report |
Section 92: Annual Return
(…)
(3) Every company shall place a copy of the annual return on the website of the company, if any, and the web-link of such annual return shall be disclosed in the Board’s report. |
Through the Companies (Amendment) Act, 2017, Section 92 (3) was amended but yet it was yet to gain effect.
Now, with the present Gazette Notification, the 2017 Amendment of Section 92(3) has gained effect as on 28th August, 2020.
Now, companies have to place a copy of the annual return on the website of the company and the web-link of such annual return has to be disclosed in the Board’s report.
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Consequently, MCA has also amended the Companies (Management and Administration) Rules, 2014 (“Principal Rules”) by way of Companies (Management and Administration) Amendment Rules, 2020 wherein a new proviso has been inserted in *Rule 12(1) of the Principal Rules.
The newly inserted proviso does away with the requirement of a company to attach the extract of the annual return with the Board’s report in Form No. MGT.9, if the web link of such annual return has been disclosed in the Board’s report in accordance with sub-section (3) of section 92 of the Companies Act, 2013 which has gained effect on 28th August, 2019. (detailed above)
The said amendment has gained effect on 28th August, 2020 i.e. on the date of its publication in the Official Gazette.
Background:
In a Gazette Notification dated 3rd January, 2018, the MCA had issued the Companies (Amendment) Act, 2017 in order to further amend the Companies Act, 2013 and had mentioned that the Central Government may appoint different dates for different provisions of this Act. Now, therefore, with the present Gazette Notification, the abovementioned provision is being notified.
