Law, Ethics and communication is very important theoretical paper for PCC/IPCC examination. Amendments are always given first preference in exam paper. I have given the Law amendments for CA Intermediate/IPCC May 2013 exam.
Law Amendments for CA Intermediate/IPCC May 2013:-
The following amendments are applicable in Intermediate/IPCC May 2013 examination for Paper 2- Business Laws, Ethics and communication.
In Company Law, following changes are made applicable in Intermediate/IPCC May 2013 exam.
1. The Companies Act, 1956:
(a) Delegation of power to Regional Directors:
The Ministry of Corporate Affairs vide Notification F.No.1/1/2003-CL.V
dated 30th August, 2012, has delegated the powers from the CLB (Company Law Board) to the Regional Directors under Sections 17, 18, 19, 141 and 188 of the Companies Act, 1956.
(b) Guidelines for declaring a financial institution as Public Financial Institution:
The Ministry of Corporate Affairs vide General Circular No. 10/2012
dated 21st May 2012 & 34/2011 dated 2nd June 2011,framed certain criteria for declaring a Financial Institution as Public Financial Institution under Section 4A of the Companies Act, 1956.
(c) Delegation of power from Central Government to Registrar of Companies:
The Ministry of Corporate Affairs vide Notification No. S.O.1538(E)
dated 10th of July, 2012, delegates the powers and functions vested in the Central Government to the Registrar of Companies under the Sections 21, 25, 31(1), 108(1D), 572 of the Companies Act,1956.
(d) Delegation of power to the Regional Directors:
The Ministry of Corporate Affairs vide Notification No. S.O.1539(E)
dated 10th of July, 2012, delegates the powers and functions vested in the Central Government to the Regional Directors at Mumbai, Kolkata, Chennai, Noida, Ahmedabad & Hyderabad under the Sections 17,18,19, 22, 224, 188, 297 394A of the Companies Act,1956.
(e) Notifying of certain sections of Companies (Second Amendment) Act, 2002:
The Ministry of Corporate Affairs vide Notification No. S.O.1540(E)
dated 10th of July, 2012, notified certain sections of the Companies(Second Amendment) Act, 2002 to come into force from 12th of August, 2012.
2.) The Companies Bill, 2011: Not Applicable.
Amendment made applicable in Nov 2012 will also be applied in May 2013:
A) The Negotiable Instruments Act, 1881: The Reserve Bank of India vide Notification No. RBI/2011-12/251 DBOD.AML BC.No.47/14.01.001/2011-12, dated 4th November, 2011 directed that the validity of Cheques/ Pay Orders/Banker’s Cheques will be reduced from the period of six months to three months from the date of such instruments with effect from 1st April, 2012.
That’s it in Law Amendments for Intermediate/IPCC May 2013.
Recommended Read:- Taxation Amendments for IPCC May 2013
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Filed in: Amendments • CA • CA PCC/IPCC