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Companies (Management and Administration) Second Amendment Rules, 2014

The Ministry of Corporate Affairs has issued the Companies (Management and Administration) Second Amendment Rules, 2014 dated 24.07.2014 in order to insert certain other provisions in respect of the rules specified therein.

1. The sub- rule 3 of rule 9 of the said rules which talks about the Declaration of Beneficial Interest, the following proviso shall be inserted:

Provided that nothing contained in this rule shall apply to a trust created in respect to set up a mutual fund or venture capital fund and such other fund as may be notified by the Securities and Exchange Board of India from time to time.

2. Rule 13 of the said rules which talks about the return of promoters and top ten shareholders in the listed company shall be filed with respect to the changes for either increase or decrease of two percent or more in the shareholding position in each case, either value or volume of shares, within 15 days of such change,

The amendment made thereof says that the words’either value and volume of shares’ and explanation contained below Rule 13 shall be omitted.

3. Also, Rule 23 of the said rules which contains the bye provisions with respect to the Special Notice required to be given to the company by the members holding not less than 1% of the total voting power or holding shares on which not less than Rs. 5 lakh has been paid up.

The amendment says that the words not less than rupees five lakh has been paid up shall be substituted with not more than rupees five lakh has been paid up.

The Companies (Management and Administration) Second Amendment Rules, 2014 can also be accessed at the link given below:

Companies (Management and Administration) Second Amendment Rules, 2014 

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