Exemption for loans from National Dairy Development Board allows companies it owns to treat those funds as non-deposits.
The Companies (Acceptance of Deposits) Rules, 1975 are amended by inserting a provision in rule 2(b) excluding any amount received as a loan from the National Dairy Development Board by companies owned by it, directly or through subsidiary companies, from the definition of deposits; the amendment is effected under section 58A read with section 642 of the Companies Act, 1956 and comes into force on publication in the Official Gazette.

Conversion of debentures: scheduled banks may convert only after issuer default and after prior notice.
The amendment adds a definition of scheduled bank, includes scheduled banks alongside public financial institutions in conversion-related rule provisions, and inserts a proviso permitting conversion by a scheduled bank or public financial institution only upon the company's default in repayment, redemption or interest and after prior notice of intention to convert given to the company at least one month before the intended conversion date.

Effective date appointment: sections two and six of the Companies Amendment commence on 1 April 2003.
The Central Government appoints the 1st day of April, 2003 as the commencement date for sections 2 and 6 of the Companies (Second Amendment) Act, 2002, exercising the power conferred by sub section (2) of section 1 of that Act, as notified by the Department of Company Affairs in the Gazette.

Company name change: Risk Capital & Technology Finance Corporation Limited renamed to IFCI Venture Capital Funds Limited under Companies Act
The Central Government, invoking section 4A(2) of the Companies Act, 1956, amends the principal notification S.O. 1329 by substituting the serial entry so that Risk Capital & Technology Finance Corporation Limited is recorded as IFCI Venture Capital Funds Limited formed and registered under the Companies Act, 1956.

Ceiling on compliance certificates: members limited to a set maximum per calendar year; excess is professional misconduct.
Restricts practising members authorised to sign compliance certificates to a fixed maximum number of companies per calendar year; issuing certificates beyond that ceiling is professional misconduct. For firms, the ceiling applies to each partner entitled to sign individually. The restriction applies to compliance certificates signed on or after the specified commencement date.

Commencement of Companies Amendment Act: government appoints the date for bringing its provisions into force.
The Central Government, through a Department of Company Affairs notification published in the Gazette of India, exercised the power under subsection (2) of section 1 of the Companies (Amendment) Act, 2002 to appoint 6 February 2003 as the date on which the provisions of the Act shall come into force.

Director's Relatives Office or Place of Profit rules notify scope and applicability under the Companies Act.
Notification establishes the Director's Relatives (Office or Place of Profit) Rules, 2003 under the Companies Act by exercising powers under clause (b) of sub section (1) of section 642 read with sub section (1B) of section 314. The instrument creates a regulatory framework concerning the status of offices or places of profit held by relatives of directors and records publication in the official Gazette as the formal administrative enactment bringing those rules into force.

Prohibition on speculative contracts: restricts forward and ready forward deals, permitting limited ready forward in government securities under account and settlement rules.
Reserve Bank of India prohibits contracts in Government, gold-related and money-market securities other than spot delivery or exchange permitted contracts, and bans ready forward contracts in bonds, debentures and other debt securities, while permitting ready forward transactions only in Government securities for specified entities holding Subsidiary General Ledger, Constituent Subsidiary General Ledger or Gilt accounts. Permitted ready forward contracts must be settled through Public Debt Office ledger accounts under RBI-specified terms; certain intra-account and self-account transactions between specified account types are expressly barred, and outstanding contracts continue until contractual termination.

National Advisory Committee on Accounting Standards constituted to advise the Central Government on company accounting policies and standards.
A statutory advisory committee is constituted to advise the Central Government on formulation and laying down of accounting policies and accounting standards for adoption by companies or classes of companies, with composition set out by specific appointments and nominations from professional, regulatory and industry stakeholders and effectiveness from publication in the Official Gazette.

Approval of managerial appointments and remuneration requires standardized applications with full disclosures and documentary enclosures.
Amendment substitutes Forms 25-A and 26 requiring companies to submit standardized applications to the Central Government for approval of appointment/re-appointment and remuneration or increase thereof for managing/whole-time directors and managers. The forms mandate detailed company and appointee particulars, historical and projected financials, justification for proposals, disclosure of disqualifications, concurrent employments, defaults, statutory notices, and prescribed enclosures, and provide a Part C route for seeking approval for minimum or excess remuneration with separate fees and documentary evidence.