The Corporate Affairs Ministry on Thursday received Election Commission's approval for notifying rules related to various sections of the new Companies Act, paving the way for its implementation from April 1.
The legislation, which provides for significant changes in the way corporates are governed and regulated in the country, replaces the Companies Act 1956.Sources said EC tconveyed that it has no objections to the ministry coming out with notifications related to the new Companies Act.
The voluminous legislation is spread across 29 chapters, seven schedules and 470 sections. So far about 99 sections, including CSR norms, have been notified by the ministry.With the Election Commission of India announcing the schedule for the lok Sabha polls, the Model Code of Conduct came into force from March 5. Consequently, the ministry sought the Commission's nod for notifying the rules.