MCA notifies the implementation date of a section of Companies (amendment) act 2020

Jan 12, 2022 | by TeamLease RegTech Legal Research Team

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Secretarial ComplianceThe Ministry of Corporate Affairs (MCA) on January 11, 2022 has issued a notification to appoint the implementation of section 56 of Companies Act, 2013, which was amended in Companies (Amendment) act 2020.

The following amendment shall come into implementation on July 01, 2022.

In section 56, which specifies Transfer and Transmission of Security, sub-section 6, was substituted, namely:

"(6) Where any default is made in complying with the provisions of sub-sections (1) to (5), the company and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees.".

The above stated sub-section shall come into implementation from July 01, 2022.

[File No. 1/3/2020]


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