The corporate affairs ministry is rolling out a three-stage plan for implementation of the remaining 40% provisions of the new Companies Act and it wants to notify most of the remaining sections by the end of this year to facilitate transition to new law. 

In the next six months, the ministry plans to notify sections related to valuation, which includes registering certified valuers and striking off names of companies, government officials familiar with the matter told ET on condition of anonymity. 

In the second phase, 37 sections dealing with provisions of Company Law Board will be notified by the end of this year. In the final phase, 136 sections related to National Company Law Tribunal, which is currently stuck because of legal hurdles, will be notified.

"We have implemented around 60% (283 sections) the total 470 sections of the new act. Most of the remaining sections will have to be implemented by the end of this year," a senior official said. 

So far, the ministry has brought provisions related to raising of funds, governance of companies, accounts, audit and auditors, inspection and investigation of companies, incorporation and other miscellaneous provisions into force. 

Sections relating to designating special judges for ompany related matters are expected to be notified before June. Under the Companies Act 2013, a concept of registered valuer has been introduced to provide for a proper mechanism for valuation of various assets and liabilities related to a company and to standardise procedure. 

This will not only help in eliminating doubts relating to arbitrary valuation but also act as an assurance to the stakeholders and regulators regarding the authenticity of the valuation of the asset or liability under consideration. "The work of registering the valuers is under process and is being handled by the professional institutes of the ministry," the official said. 

More exemptions under the new law are in the pipeline and are expected to be notified in the coming months. "Issues such as giving exemptions to companies listing privately placed non-convertible debentures (NCDs) and companies listed as per Sebi's SME (small and medium enterprises) framework is under the ministry's consideration. More clarification will emerge in a couple of months," the official added. 

So far the ministry has issued 45 circulars, 15 amendments to rules and seven 'removal of difficulties' orders. The Companies Amendment Bill, 2014 has been passed by the Lok Sabha.(Economic Times)