AMENDMENT IN RULE 23 OF COMPANIES (MANAGEMENT AND ADMINISTRATION) RULES, 2014 AND FORM MGT-7

MCA has notified Companies (Management and Administration) Amendment Rules, 2015 dated 28th August, 2015 to amend rule 23 of Companies (Management and Administration) Rules, 2014 and Form MGT-7 (annual return).

In the rule 23 sub-rule (1) of Companies (Management and Administration) Rules, 2014 the words "not more than five lakh rupees" is substituted by  the words “not less than five lakh rupees”. Now the 23 sub-rule (1) shall be read as:
“A special notice required to be given to the company shall be signed, either individually or collectively by such number of members holding not less than one percent of total voting power or holding shares on which an aggregate sum of not less than five lakh rupees has been paid up on the date of the notice.”

Same as it was originally stated in Companies (Management and Administration) Rules, 2014.


Earlier MCA via The Companies (Management and Administration) Second Amendment Rules, 2014 dated 24th July,2014 subtitled the words “not less than five lakh rupees” with the the words "not more than five lakh rupees" in rule 23 sub-rule (1) of Companies (Management and Administration) Rules, 2014.

http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_31082015.pdf

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