Companies Act Amended - 'Common Seal' goes
THE Seal and rubber stamp hold eminent places in our official dealings. The Common Seal of a Company was sacred for many years. The idea of a Company Seal has almost become a relic globally and this Company Seal is also removed from the Indian Companies Act. The Government has notified the amendments to the Companies Act 2013, recently passed by Parliament. The amendments pertain to removing minimum mandatory capital for starting a company, doing away with common company seal, inspection of records of companies, winding up of companies, simplifying stringent bail provisions and utilisation of unclaimed dividends. In the existing Act they had forgotten to insert provisions for punishments in cases of accepting deposits in violation of the law. So now that is included. Board resolutions are now not available for public.