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Resolutions and Agreements to be Filed

Notified Date of Section: 01/04/2014

117. (1) A copy of every resolution or any agreement, in respect of matters specified in sub-section (3) together with the explanatory statement under section 102, if any, annexed to the notice calling the meeting in which the resolution is proposed, shall be filed with the Registrar within 5&7[thirty days] of the passing or making thereof in such manner and with such fees as may be prescribed 8[Omitted]:

Provided that the copy of every resolution which has the effect of altering the articles and the copy of every agreement referred to in sub-section (3) shall be embodied in or annexed to every copy of the articles issued after passing of the resolution or making of the agreement.

(2) 17,[16[15[If any company fails to file the resolution or the agreement under sub-section (1) before the expiry of the period specified therein, such company shall be liable to a penalty of one lakh rupees and in case of continuing failure, with further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of twenty-five lakh rupees and every officer of the company who is in default including liquidator of the company, if any, shall be liable to a penalty of fifty thousand rupees and in case of continuing failure, with further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of five lakh rupees.]]]

(3) The provisions of this section shall apply to—

(a) special resolutions;

(b) resolutions which have been agreed to by all the members of a company, but which, if not so agreed to, would not have been effective for their purpose unless they had been passed as special resolutions;

(c) any resolution of the Board of Directors of a company or agreement executed by a company, relating to the appointment, re-appointment or renewal of the appointment, or variation of the terms of appointment, of a managing director;

(d) resolutions or agreements which have been agreed to by any class of members but which, if not so agreed to, would not have been effective for their purpose unless they had been passed by a specified majority or otherwise in some particular manner; and all resolutions or agreements which effectively bind such class of members though not agreed to by all those members;

(e12[Omitted]

(f) resolutions requiring a company to be wound up voluntarily passed in pursuance of 3["section 59 of the Insolvency and Bankruptcy Code, 2016"]

4&6[(g) resolutions passed in pursuance of sub-section (3) of section 179 10[Omitted];

 2[Provided that no person shall be entitled under section 399 to inspect or obtain copies of such resolutions; 13[Omitted]] ]

14[Provided further that nothing contained in this clause shall apply to a banking company in respect of a resolution passed to grant loans, or give guarantee or provide security in respect of loans under clause (f) of sub-section (3) of section 179 in the ordinary course of its business; and.]

(h) any other resolution or agreement as may be prescribed and placed in the public domain.

 

Amendments

1.Omitted by Companies Amendment Act,2015 dated 25th May, 2015.

In sub-section (3), in clause (g),

Original Omitted Content -  ‘‘and’’.

2. Inserted by Companies (Amendment)  Act, and is effective from 29th May 2015.

3. (a) Substituted by Insolvency and Bankruptcy Code, 2016, dated  28th May, 2016.

    In section 117 in sub-section (3), in clause (f),

    for the word and figures,

    "section 304"

    the words and figures, 

     "section 59 of the Insolvency and Bankruptcy Code, 2016"

     shall be substituted.

     (b) The MCA Notification No. F.O. 3453(E) Dated 15th November, 2016 enforcing the related sections of Insolvency and Bankruptcy Code, 2016.

 8. Omitted by the Companies (Amendment )Act,2017 -  Amendment Effective from 7th May 2018

Original Omitted Content- "within the time specified under section 403"

9. Substituted by the Companies (Amendment) Act,2017 -  Amendment Effective from 7th May 2018

In section 117 for sub-section (2),

for the words and figures "under section 403 with additional fees"

the following word shall be substituted, namely :-

"therein"
 

In section 117, in sub-section (2),

for the words "not be less than five lakh rupees"
 
the following words shall be substituted, namely :-
 
"not be less than one lakh rupees"
 

In section 117 for sub-section (2),

for the words "one lakh rupees"
 
the following words shall be substituted, namely :-
 
"fifty thousand rupees"
  
 
Original Omitted Content-  "(e)resolutions passed by a company according consent to the exercise by its Board of directors of any of the powers under clause (a) and clause (c) of sub-section (1) of section 180"
 
 
Original Omitted Content- and
  
14. Inserted by The Companies (Amendment)Act,2017 -  Amendment Effective from 7th May 2018
 
 
In section 117,for sub-section (2),
 
If a company fails to file the resolution or the agreement under sub-section (1) before the expiry of the period specified 9[therein], the company shall be punishable with fine which shall 10[not be less than one lakh rupees] but which may extend to twenty-five lakh rupees and every officer of the company who is in default, including liquidator of the company, if any, shall be punishable with fine which shall not be less than 11[fifty thousand rupees] but which may extend to five lakh rupees
 
the following sub-section shall be substituted, namely:-
 
(2) If any company fails to file the resolution or the agreement under sub-section (1) before the expiry of the period specified therein, such company shall be liable to a penalty of one lakh rupees and in case of continuing failure, with further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of twenty-five lakh rupees and every officer of the company who is in default including liquidator of the company, if any, shall be liable to a penalty of fifty thousand rupees and in case of continuing failure, with further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of five lakh rupees.
 
16.Substituted by the Companies (Amendment) Ordinance,2019 dated 12.01.2019    [Companies (Amendment) Ordinance 2018 is repealed on 12th January 2019] 
 
17. Substituted by the Companies (Amendment) Act,2019 -: Effective From 02nd November 2018  [Companies (Amendment) Second Ordinance 2019 is repealed on 31st July 2019]
 
 

Exception/ Modification/ Adaptation

4. In case of private company - clause (g) of Sub-section 3 of Section 117 shall not apply .  - Notification dated 5th june, 2015.

5.  In case of Specified IFSC Public Company - Sub-section (1) of section 117, for the words “thirty days” read as “sixty days”. - Notification Dated 4th January, 2017.

6. In case of Specified IFSC Public Company  - Clause (g) of sub-section (3) of section 117 shall not apply. -  Notification Dated 4th January, 2017.

7.  In case of Specified IFSC Private Company Sub-section (1) of section 117, for the words “thirty days” read as “sixty days”. - Notification Dated 4th January, 2017.