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Core Purpose

Notification under sections 454 and 469 of the Companies Act, 2013 issuing the Companies (Adjudication of Penalties) Second Amendment Rules, 2024, inserting a savings proviso for pending adjudication proceedings.

Detailed Summary

By notification G.S.R. 630(E) dated 9th October 2024, the Ministry of Corporate Affairs, in exercise of powers under section 454 read with section 469 of the Companies Act, 2013 (18 of 2013), made the Companies (Adjudication of Penalties) Second Amendment Rules, 2024, effective from the date of publication in the Official Gazette, further amending the Companies (Adjudication of Penalties) Rules, 2014 by inserting in sub-rule (1) of rule 3A a proviso stating that proceedings pending before the Adjudicating Officer or Regional Director on the date of commencement of the amendment shall continue as per the provisions existing prior to such commencement; the notification (F. No. 1/25/2013-CL-V(Part)) notes that the principal rules were published vide G.S.R. 254(E) dated 31st March 2014 and were previously amended vide G.S.R. 131(E) dated 19th February 2019 and G.S.R. 476(E) dated 5th August 2024, and is signed by Manoj Pandey, Additional Secretary.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-09102024-257790 EXTRAORDINARY PART II-Section 3-Sub-section (i) PUBLISHED BY AUTHORITY No. 574] NEW DELHI, WEDNESDAY, OCTOBER 9, 2024/ASVINA 17, 1946 6519 GI/2024 (1) MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 9th October, 2024. G.S.R. 630(E).—In exercise of the powers conferred by section 454 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Adjudication of Penalties) Rules, 2014, namely: - 1. (1) These rules may be called the Companies (Adjudication of Penalties) Second Amendment Rules, 2024. (2) They shall come into force from the date of their publication in the official gazette. 2. In the Companies (Adjudication of Penalties) Rules, 2014, in sub-rule (1) of rule 3A, the following proviso shall be inserted, namely:- "Provided that the proceedings pending before the Adjudicating Officer or Regional Director on the date of such commencement shall continue as per provisions of these rules existing prior to such commencement.". [F. No. 1/25/2013-CL-V(Part)] MANOJ PANDEY. Addl. Secy. Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(i), vide number G.S.R. 254(E), dated the 31st March, 2014 and subsequently amended vide notification number G.S.R. 131(E) dated 19th February, 2019 and vide notification number G.S.R. 476(E) dated 5th August, 2024. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. SARVESH KUMAR DARVESH SRIVASTAVA KUMAR SRIVASTAVA Date: 2004.10.09 22:39:44+

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