1. Transition Period for various Provision of Companies Act, 2013
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SECTION TRANSITION PERIOD
COMPLIANCE REQUIRED
2(41) – Definitions of “Financial
Year”
2 years from the
commencement of the
provision
Company and body existing on the
commencement of this provision shall align
its financial year to April to March
41 - Global depository Receipts read
with Rule 8(1) and (2) of the
Companies (Issue of Global
Depository Receipts) Rules, 2014
Rule 8(1)- 6 months from
the commencement of
rules
Company which has issued depository
receipts prior to commencement of these
rules shall comply with the requirement
under the rule within 6 Months from the
Commencement of these Rules.
Rule 8(2)- 6 Months from
the Commencement of
these Rules
Any Issue of Depository receipts after six
months from the commencement of these
rules shall be in accordance with the
requirements of these rules.
88 – Register of members etc read
with rule no.3 of the Companies
(Management and Administration)
Rules, 2014
6 months from the
commencement of the
rules
 Existing companies, registered
under the Companies Act, 1956,
shall comply with the new format
of Register of members in MGT-1
 In case of existing companies not
having share capital, particulars as
provided in rule 3(2), needs to be
provided in the Register of
members.
120 – Maintenance and inspection
of document in electronic form read
with rule no.27 of the Companies
(Management and administration)
Rules, 2014
6 months from the date
of commencement of this
provision
Every Existing Listed Companies or
companies having not less than 1000
Shareholder/Debenture holder/Security
holder shall convert their data from
physical mode to electronic mode.
Section 134-Financial Statements,
Auditors Report and Board Report,
read with Companies (Accounts)
Rule, 2014 read with MCA Circular
no. 8/2014 dated 04.04.2014
Financial Statements
relating to Financial Year
Commencing ON or
AFTER 01.04.2014 shall
be prepared as per the
provision of Section 134
read with the relevant
rules.
138 – Internal Audit read with Rule
no.13 of the Companies (Accounts)
Rules, 2014
6 months from the date
of commencement of
Section 138
Every Existing Companies covered under
Rule 13(1) of the Companies (Accounts)
Rule, 2014 shall comply with the
requirement to appointment of Internal
Auditor.

2. Transition Period for various Provision of Companies Act, 2013
139(2) – Appointment of
Auditors and Rotation of
Auditor read with Rule 5 of
the Companies (Audit and
Auditors) Rule, 2014
3 years from the
commencement of this
provision
Every Existing Companies covered under
Rule 5 of the Companies (Audit and
Auditors) Rules, 2014 shall comply with the
requirement to rotation of Auditor.
144 – Auditor not to
render certain services
Before the Closure of 1st
financial year after the
date of commencement
of this provision
Auditor or any audit firm who or which has
been performing any non audit services on
or before the commencement of this
provision shall comply with the
requirement of this provision.
149 – Company to have
Board of Directors read
with the Companies
(Appointment and
Qualification of Directors)
Rules, 2014
1 year from the date of
commencement of this
provision
Company existing on or before the
commencement of this provision shall
comply with the requirement related to
appointment of woman director.
Companies covered under Rule 3 of the
said rules shall have at least one Woman
Director on its Board
149 - Company to have
Board of Directors read
with rule no.3 of the
Companies (Appointment
& Qualification of
Directors) Rules, 2014.
6 months from the date
of its incorporation
Company which has been incorporated
under the Companies Act 2013 shall comply
with the requirement related to
appointment of woman director.
149(4) – Company to have
Board of Directors the
Companies (Appointment
& Qualification of
Directors) Rules, 2014.
1 year from the date of
commencement of this
provision
Every Listed Company and Companies
Covered under Rule 4 of the Companies
(Appointment & Qualification of Directors)
Rules, 2014, existing on or before the
commencement of this provision shall
comply with the requirement related to
appointment of independent director.
165 – Number of
directorships
1 year from the date of
commencement of this
provision
Person acting as Director in companies
more than number prescribed immediately
before the commencement of this
provision shall comply with the
requirement of maximum number of
directorship
177 of the Companies Act,
2013 read with Rule 6 of
the Companies (Meeting of
Board and its Power)
Rules, 2014– Audit
Committee
1 year from the date of
commencement of this
provision
The existing audit committee of every
Listed Company or Companies Covered
under the said rules shall be re-constituted
as per the new constitution norms.
203 – Appointment of Key
Managerial Personnel
6 months from the date
of commencement of this
provision
Whole-time Key Managerial Personnel
holding office in more than one Company
as on the date of commencement of this
provision to opt for one company wherein
he wishes to continue to hold office as Key
Managerial Personnel.

3. Transition Period for various Provision of Companies Act, 2013
406 – Power to modify act
in its application to Nidhis
read with rule no. 5(i) of
Nidhi Rules 2014
1 year from the date of
commencement of these
rules
Every Nidhi Company shall ensure that it
has :-
 Minimum 200 members.
 Net owned fund of Rs 10 Lakh or
more
 Unencumbered term deposits of
not less than 10% of the
outstanding deposit
 Ratio of net owned funds to
deposits of not more than 1:20
406 – Power to modify act
in its application to Nidhis
read with rule no.11 of
Nidhi Rules 2014
Different time slabs has
been prescribed till 31st
March 2016
Every company which had been declared as
a Nidhi or Mutual Benefit society under
sub-section (1) of Section 620A of the
Companies Act, 1956 or every company
functioning on the lines of a Nidhi Company
or Mutual Benefit Society has either not
applied for or has applied for and is
awaiting notification to be a Nidhi or
Mutual Benefit Society under sub-section
(1) of the Section 620 of the Companies
Act, 1956 and which is existing on or before
26th
July, 2001 and has accepted deposits in
excess of the prescribed limits shall restore
the same to prescribed limit by increasing
the Net Owned Funds position or
alternatively by reducing the deposit.