MCA CIRCULAR 32

"MCA has issued a general circular.no-32/2014 dated July 23, 2014 on the subject "Clarification on transitional period for resolutions passed under the Companies Act, 1956". · MCA has clarified that resolutions approved or passed by the Companies under the old act during the period fromSeptember 1, 2013 to March 31, 2014 can be implemented in accordance with the provision of the Old act, notwithstanding the repeal of the relevant provision subject to the conditions : a) that the implementation of the resolution actually commenced before April 1, 2014 and b) that this translational arrangement will be available upto expiry of one year from the passing of the resolution or six months from the commencement of the corresponding provision in New act, (whichever is later). · MCA also clarified that any amendment of the resolution must be in accordance with the relevant provision of New act."