Vide circular No. 32/2014 dated 23rd July, 2014, it has clarified that resolutions approved or passed by companies under relevant applicable provisions of the Old Act i.e. Companies Act 1956 , during the period from 1st September, 2013 to 31st March, 2014, can be implemented, in accordance with provisions of the Old Act, notwithstanding the repeal of the relevant provision subject to the conditions :
- that the implementation of the resolution actually commenced before 1st April, 2014 and
- that this transitional arrangement will be available upto expiry of
1 year from the passing of the resolution or
6 months from the commencement of the corresponding provision in New Act whichever is later. It is also clarified that any amendment of the resolution must be in accordance with the relevant provision of the New Act,
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