The regulatory compliances under Indian Companies Act 2013 have become really daunting. The notification of many provisions of the Indian Companies Act, 2013 (PDF) and corresponding rules thereunder by the Ministry of Corporate Affairs (MCA) has drastically changed the corporate compliance requirements in India.
The roll out plan of various forms under the Companies Act, 2013 (PDF) was also announced by MCA. This roll out plan was supposed to be executed in different phases by MCA.
Now the MCA has decided to follow a single phase roll out plan for e-forms. As a result companies can now upload their e-forms under the 2013 Act from April 28 2014. MCA was originally contemplating to introduce a separate roll out plan for chapter wise e-forms.
This may also be the beginning of new compliance jurisprudence for the corporate environment of India. These include techno legal compliances including compliances regarding cyber law and cyber security due diligence. Both the companies and the concerned directors can be held personally liable for non compliance with various requirements of 2013 Act and other applicable laws of India.
The companies would also be required to keep in mind the requirements pertaining to electronic voting, electronic documents, e-notices of the meetings, etc. Further, the 2013 Act has not forbidden the applicability of other laws of India including the Information technology Act, 2000. This means that both the companies and directors would be required to comply with all techno legal regulatory frameworks of India.