First Notes


First Notes is our ‘hot, off the press’ update that aims to provide a very timely heads up on key accounting and regulatory developments that affect reporting for entities in India. It is one more way for us to connect with you, in addition to the monthly Accounting and Auditing Update.

The Union Cabinet proposes certain amendments to the Companies Act, 2013

The Companies Act, 2013 (the Act) is largely operationalised from 1 April 2014. The Ministry of Corporate Affairs has been issuing various amendments and clarifications to the Act and the corresponding Rules in order to address the implementation challenges faced by corporates and professionals. Continuing with the endeavour for effective implementation of the Act, the Union Cabinet, on 2 December 2014 introduced the Companies (Amendment) Bill, 2014 in the Parliament to make certain amendments to the Act. Changes proposed include approval process of related party transactions, fraud reporting by auditors, areas where the Rules overreached the Act, and other procedural relaxations.

This issue of First Notes provides a list of the amendments proposed in the Act.

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