Section 14, 26, 29, 35, 53, 64 of The Companies (Amendment) Act 2019

Amendment of section 14 of Companies Act 2013

5. In section 14 of the principal Act,- (i) in sub-section (1), for the second proviso, the following provisos shall be substituted, namely:- "Provided further that any alteration having the effect of conversion of a public company into a private company shall not be valid unless it is approved by an order of the Central Government on an application made in such form and manner as may be prescribed: Provided also that any application pending before the Tribunal, as on the date of commencement of the Companies (Amendment) Act, 2019, shall be disposed of by the Tribunal in accordance with the provisions applicable to it before such commencement."; (ii) in sub-section (2), for the word "Tribunal", the words "Central Government" shall be substituted.

Amendment of section 26 of Companies Act 2013

6. In section 26 of the principal Act,- (i) in sub-sections (4), (5) and (6), for the word "registration", the word "filing" shall be substituted; (ii) sub-section (7) shall be omitted.

Amendment of section 29 of Companies Act 2013

7. In section 29 of the principal Act,- (i) in sub-section (1), in clause (b), the word "public" shall be omitted; (ii) after sub-section (1), the following sub-section shall be inserted, namely:- "(1A) In case of such class or classes of unlisted companies as may be prescribed, the securities shall be held or transferred only in dematerialised form in the manner laid down in the Depositories Act, 1996 and the regulations made thereunder.".

Amendment of section 35 of Companies Act 2013

8. In section 35 of the principal Act, in sub-section (2), in clause (c), for the words "delivery of a copy of the prospectus for registration", the words "filing of a copy of the prospectus with the Registrar" shall be substituted.

Amendment of section 53 of Companies Act 2013

9. In section 53 of the principal Act, for sub-section (3), the following sub-section shall be substituted, namely:- "(3) Where any company fails to comply with the provisions of this section, such company and every officer who is in default shall be liable to a penalty which may extend to an amount equal to the amount raised through the issue of shares at a discount or five lakh rupees, whichever is less, and the company shall also be liable to refund all monies received with interest at the rate of twelve per cent. per annum from the date of issue of such shares to the persons to whom such shares have been issued."

Amendment of section 64 of Companies Act 2013

10. In section 64 of the principal Act, for sub-section (2), the following sub-section shall be substituted, namely:- "(2) Where any company fails to comply with the provisions of sub-section (1), such company and every officer who is in default shall be liable to a penalty of one thousand rupees for each day during which such default continues, or five lakh rupees whichever is less.".