The Ministry of Corporate Affairs has notified the following provisions of the Companies Act, 2013, which came into force on 9 September:
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- Legal advisers and bankers not to disclose certain information: section 277.
- Power of a tribunal where it is of the opinion that to wind up a company would unfairly prejudice certain members: section 242(1)(b), (2)(c) and (2)(g).
- Application of certain provisions to proceedings under sections 241 or 245: section 246.
- Penalty for fraud by officers: section 337.
- Liability where proper accounts are not kept: section 338.
- Liability for fraudulent conduct of business: section 339.
- Powers of a tribunal to assess damages against delinquent directors, etc.: section 340.
- Liability under sections 339 and 340 to extend to partners and directors at firms or companies: section 341.
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The business law digest is compiled by Nishith Desai Associates, a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
