Companies Act amendments update definitions, financial year realignment powers, and higher corporate threshold limits. Section 2 of the Companies Act, 2013 is proposed to be amended to update defined terms and monetary thresholds. The expression 'the Cost and Works Accountants' is to be replaced with 'the Cost Accountants'. A further proviso is to empower the Central Government, on prescribed application and in specified cases, to permit a company or body corporate to realign its financial year so that it ends on 31 March of the following year. New definitions are also to be inserted for 'Regional Director' and 'registered valuer', and the financial thresholds in clause 85 are to be increased.
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Companies Act amendments update definitions, financial year realignment powers, and higher corporate threshold limits.
Section 2 of the Companies Act, 2013 is proposed to be amended to update defined terms and monetary thresholds. The expression "the Cost and Works Accountants" is to be replaced with "the Cost Accountants". A further proviso is to empower the Central Government, on prescribed application and in specified cases, to permit a company or body corporate to realign its financial year so that it ends on 31 March of the following year. New definitions are also to be inserted for "Regional Director" and "registered valuer", and the financial thresholds in clause 85 are to be increased.
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