#BulletinBoard (July 16, 2018)

NCLT Gets 12th Bench in Cuttack

On July 12, 2018, the Ministry of Corporate Affairs (“MCA”) notified that the National Companies Law Tribunal (“NCLT”) will get its 12th bench at Cuttack from July 15, 2018 onwards. The Cuttack bench will have jurisdiction over the states of Odisha and Chhattisgarh. Presently, the states of Odisha and Chhattisgarh fall under the jurisdiction of the Kolkata Bench of the NCLT.

Commencement Notification for Sections 75, 76 of Companies (Amendment) Act, 2017

On July 6, 2018, the Ministry of Corporate Affairs (“MCA”) notified that Sections 75 (erstwhile Section 366 of Companies Act, 2013, hereinafter referred to as “the Act”)) and 76 (erstwhile Section 374 of the Act) of the Companies (Amendment) Act, 2017 (“Amended Act”) would come into effect from 15th August, 2018. Section 75 of the Amended Act deals with entities that may register themselves for dissolution and Section 76 of the Amended Act specifies the respective entity’s obligations therein.

MCA Constitutes Committee to Review Offences under Companies Act, 2013

The MCA on July 13 2018, constituted a 10-member committee to review offences under the Act. This review has been deemed necessary in order to update the offences under the Act. Some of the offences may be required to be criminalised, handled in-house, de-criminalised, changed into a monetary fine etc. Moreover, this would allow the trial courts to pay more attention to offences of serious nature. The committee shall submit a report within 30 days to the Central Government.

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