CA Final Law Amendments for Nov 2018 exam will almost remain the same. Generally, May attempt will have more amendments when compared to the November attempt. Amendments of Nov 2018 CA Final Law paper are old, which have been already made applicable in the previous attempt. The Law Amendments are prepared as per the official syllabus of ICAI. There is so much confusion among CA Final students regarding the applicability of Amendments for Corporate Law. Here we are providing the complete list of amendments in a table format for easy and quick reference. We are also providing the supportive Notification details for each amendment.
Amendment in Section 140:
When an Auditor Resigns from the company, he has to intimate the same to ROC within 30 days of resignation.
Failure of this will attract penalty. Earlier, the penalty is Minimum of Rs.50,000 and Maximum of Rs.5 Lakh.
Now, After Amendment, the penalty is, Fifty Thousand or the Remuneration of the Auditor, whichever is less.
Amendment in Section 143 : Powers of Auditors
Earlier, Auditor of a Holding Company has power to access the books of Subsidiary Company.
Now, after the amendment, Auditor has power to access books of both Subsidiary and also Associate Companies.
Amendment in Section 148 – Cost Audit:
Earlier, this provision was applicable to Cost Accountant in Practice. Now, after amendment, it is applicable to all Cost Accountants.
Section 147 – Punishment for Auditor:
Earlier the punishment was Minimum of Rs.25,000 and which may extend to Rs.5 Lakhs. After the amendment, the punishment is ‘Four times the remuneration of the Auditor’.
Punishment for willful contravention is now Rs,25,000 to Rs.25 Lakh, or, EIGHT times the remuneration of the Auditor, whichever is less.
Amendments in CA Final Company Law
Good News : Compared to May 2018, apart from above three amendments, there are not many new changes in CA Final Law Syllabus. There are just couple of small amendments, which can be referred from RTP to be released by ICAI.
The Ministry of Corporate Affairs has implemented few changes in the Companies Act, 2013 in the recent days. Due to this, ICAI has amended few sections and provisions in the Companies Act part.
ICAI has released a detail Supplementary Study Material containing all the Amendments in CA Final Law paper for May and Nov 2018 exam. This Amendments material can be downloaded in PDF format from below:
|CA Final Law Amendments Nov 2018 in PDF|
Amendment in Section 124 & 125
Section 124 of the Companies Act, 2013 deals with the provisions related to management of the unpaid dividend account.
Section 125 of the Act deals with the Investor Education and Protection Fund (IEPF). This fund shall be utilized for refund of unclaimed and unpaid amounts, promotion of investors awareness and protection of the interests of investors etc. in accordance with provisions of section 125 of the Companies Act, 2013.
Students are recommended to carefully go through each and every amendment, as these are very important for exam point of view.
|S.No||Amended Provision / Section||Relevant Notification|
|1||Enforcement of Sections 13 & 14 of the Companies (Amendment) Act, 2015||Notification no. S. O. 3388(E), dated 14th December, 2015|
|2||The Companies (Audit and Auditors) Amendment Rules, 2015||Notification G.S.R. 972(E) dated 14th December 2015|
|3||The Companies (Meetings of the Board and its Powers) Second Amendment Rules, 2015||Notification G.S.R. 971(E) dated 14th December, 2015|
|4||Delegation of powers to the Regional Directors under section 208 of the Companies Act, 2013 which deals with the submission of report on inspection by Registrar/ Inspector to the Central Government .||Notification S.O. 3557(E) dated 31st December 2015|
|5||Enforcement of the certain Sub-sections of section 125 of the Companies Act, 2013 which deals with the Investor Education and Protection Fund.||MCA Notification no. S.O. 125(E) dated 13th January 2016|
|6||The Companies (Removal of Difficulties) Order, 2016||MCA Order no. S.O. 1226(E), dated 29th March, 2016|
|7||The Companies (Removal of Difficulties) Second Order, 2016||Order no. S.O. 1227(E) dated 29th March, 2016|
|8||The Companies (Auditor’s Report) Order, 2016||MCA vide Order no. S.O. 1228(E) dated 29th March, 2016|
|9||Amendments in the Schedule III of the Companies Act, 2013||Notification G.S.R. 404(E) dated 6th April, 2016|
|10||Clarification with regard to Companies (Accounting Standards) Amendment Rules 2016||General Circular no. 04/2016 dated 27th April, 2016|
|11||Delegation of powers by Central Government to Regional Directors with respect to appointment of inspectors under section 206(5) of the Companies Act, 2013.||Notification dated 29th April, 2016|
Amendments in CA Final Allied Laws
There has been few new Notifications and Circulars from SEBI and FEMA, which has resulted in these amendments in Allied Law Syllabus. Most of these Notifications are released last year, and therefore has already been made applicable for the previous attempt.
|S.No||Amended Provision / Section||Relevant Notification|
|1||The SEBI (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015||Notification No. SEBI/LAD-NRO/GN/2015- 16/012, dated 14th August 2015|
|2||The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Seventh Amendment) Regulations, 2015.||SEBI Notification No. SEBI/ LADNRO/GN/2015-16/025 dated 27th October|
|3||The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2016||Notification No.SEBI/LADNRO/GN/2015-16/036, dated 17th February, 2016|
|4||Master Direction – Liberalised Remittance Scheme (LRS)||Notification no. RBI/FED/2015-16/3, dated 1st January, 2016|
|5||Foreign Exchange Management (Export of Goods & Services) Regulations, 2015||Notification No. FEMA 23(R)/2015-RB, dated 12th January 2016|
|6||Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015||Notification No. FEMA. 345/2015-RB dated 16th November 2015|
|7||Central Government Power to exempt the ‘Group’.||Notification no. S.O. 673(E), dated 4th March, 2016|
|8||Central Government Power to exempt the ‘Enterprise’||Notification no S.O. 674(E), dated 4th March, 2016|
|9||Revised limit for purpose of combinations under section 5 of the Competition Act, 2002||Notification no S.O. 675(E), dated 4th March, 2016|
Following Chapters are Not Applicable
- Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.
- Chapter 15 of the study material (January 2016 edition) covering provisions relating to the National Company Law Tribunal and Appellate Tribunal.
- 1 Amendment in Section 140:
- 2 Amendments in CA Final Company Law
- 3 Amendment in Section 124 & 125
- 4 Amendments in CA Final Allied Laws