[aaykarbhavan] MCA fixes time period for constitution of Audit Committee for Specified Public Cos earlier exempted under 1956 Act

COMPANIES (MEETINGS OF BOARD AND ITS POWERS) AMENDMENT RULES, 2014 - AMENDMENT IN RULE 6

NOTIFICATION [F.NO.1/32/2013-CL-V.PT.], DATED 12-6-2014

In exercise of the powers conferred under sections l73, 175, 177, 178, 179, 184, 185, 186, 187, 188, 189 and section 191 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules to amend the Companies (Meetings of Board and its Powers) Rules, 2014, namely:—

1. (1) These rules may be called the Companies (Meetings of Board and its Powers) Amendment Rules, 2014.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Meetings of Board and its Powers) Rules, 2014, in rule 6, after the Explanation, the following shall be inserted, namely:—

"Provided that public companies covered under this rule which were not required to constitute Audit Committee under section 292A of the Companies Act, 1956 (1 of 1956) shall constitute their Audit Committee within one year from the commencement of these rules or appointment of independent directors by them, whichever is earlier:

Provided further that public companies covered under this rule shall constitute their Nomination and Remuneration Committee within one year from the commencement of these rules or appointment of independent directors by them, whichever is earlier.".

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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