Schedules under Companies Act,2013-An analysis

What are the Schedules retained under the Companies Act 2013?

New Schedule added, modified Schedules....

The Schedule which has come into effect already...

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Schedules under Companies Act,2013-An analysis

                                                                                                                                                                                -  CS M.Kurthalanathan

Companies Act,1956	Companies Act,2013
16 Schedules	7 Schedules

As can be seen from the above, Companies Act has lesser schedules; the reason being the Act does not have the following schedules, which found a place in Companies Act 1956 :

Schedule	Particulars	Changes in Companies Act,2013
IA	List of Relatives	List of 15 Relatives are mentioned in the Draft rule 1.4 (corresponding to sec.2(77)(iii)) The Rules are yet to be notified.
II	Matters to be Specified in Prospectus and reports to be set out therein	Details of matters to be specified in Prospectus are mentioned in the Draft rule 3.1 corresponding to Sec.26(1). Rules - Yet to be notified.
III	Form of Statement in Lieu of Prospectus (SLP)	Companies Act, 2013 has done away with the concept of SLP
IV	Form of Statement in Lieu of Prospectus (SLP) to be filed by private company on becoming public company.	Companies Act,2013 has done away with the concept of SLP
V	Annual Return Form	New Form for filing of Annual Return  (e-form 7.7 along with e-form 7.8) has been included.  Section and Rules are yet to be notified.
VII	Restrictions on powers of Managing Agents, Secretaries and Treasurers	Redundant after abolition of  Managing Agents, Secretaries and Treasurers
VIII	Declaration to be made by Managing Agents, Secretaries and Treasurers	Redundant after abolition of  Managing Agents, Secretaries and Treasurers
IX	Form of Proxy	New Form for appointment of Proxy is included (e-form 7.11) and await to be notified.
X	Table of fees to be paid to ROC	Fees details are yet to be announced/ notified.
XI	Forms in which Sec.539 to 544 of the 1956 Act are to apply in cases where application made under Sec.397/398.	This matter is dealt with section 26 of the Companies Act,2013.
XII	Enactments Repealed by the 1956 Act	Sec.465 of the Companies Act, 2013 repeals the 1956 act except provision of Part IXA of  the 1956 act relating to Producer Companies.
XV	List of Industries	Omitted by the Companies Act,2013.

The Companies Act,2013 has retained only 4 of 16 schedules of the Companies Act,1956 with changes and introduces 3 new schedules to cover new concepts of Independent Directors, CSR and Infrastructural Projects.

The  4 modified and 3 new schedules are summarized below;

Particulars	Schedules		Remarks
	CA 1956	CA 2013	Companies Act,1956	Companies Act,2013
Forms of MOA &AOA- Table F of the 1956 Act	I	I (Table A to J)	Form of statement to be published by limited Banking Cos, Insurance Cos,etc.,.	Formats modified to accommodate new concepts of OPC, e-voting,etc.,.
Useful lives to Compute Depreciation	XIV	II	It deals with only depreciation of tangible assets. It deals with the Rate of Depreciation of tangible assets.	It deals with amortization of Intangible assets also. It deals with the useful lives of tangible assets and does not prescribe depreciation rates.
General Instructions for Preparation of B/S &Statement of P&L of a Company	VI	III	Form  of B/S	Same as Revised Sch.VI except that Sch.III contains instructions regarding consolidated accounts as preparation of consolidated accounts made mandatory by the 2013 act.
Code of Independent Directors(IDs)	-------	IV	-----	IDs is new concept introduced by the 2013 Act. Sch.IV is a new schedule containing Code of Conduct for IDs.
Conditions to be fulfilled for  the appointment of a MD/WTD or a Mgr without the approval of CG	XIII	V	-----	-----
Infrastructural Projects/Facility	-------	VI	-----	New Schedule introduced  by  the Companies Act,2013
Activities which may be included by companies in their CSR Polices	-------	VII	-----	MCA has notified Sec.135 & corresponding Rules & Sch.VII on 27 /02/14 to comply with mandatory CSR spends for specified companies.

 The Schedule relating to Depreciation requires greater analysis and will be published as a separate article shortly.