[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (IA

GOVERNMENT OF INDIA

MINISTRY OF CORPORATE AFFAIRS

(F. No. 1/2/2014-CL.I)

NOTIFICATION

New Delhi, Dated 5th June 2015

G.S.R. 466(E). In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 462 and in pursuance of sub-section (2) of said section read with section 8 of the Companies Act, 2013 (18 of 2013), and in supersession of notifications issued under section 25 of the Companies Act, 1956 (1 of 1956) except as respects things done or omitted to be done before such supersession, the Central Government in the interest of public, hereby directs that certain provisions of the Companies Act, 2013, as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations, as specified  in column (3) of the said Table, to a body to which a licence is granted under the provisions of the aforesaid section 8, namely:-

Serial Number

Provisions of the Act Exceptions, Modifications and Adaptations

(1)

(2)

(3)

1.

Clause (24) of section 2. The provisions of clause (24) of section 2 shall not apply

2.

Clause (68) of section 2 The   requirement  of  having   minimum paid-up share capital shall not apply.

3.

Clause (71) of section 2 The  requirement  of  having  minimum paid-up share capital shall not apply.

4.

Sub-section (2) of section 96. In sub-section  (2), after the proviso and before  the  explanation,  the  following proviso shall be inserted, namely:-Provided further that the time, date and  place of each annual general meeting are  decided upon before-hand by the board of   directors   having   regard   to   the

directions, if any, given in this regard by the company in its general meeting.

5.

Sub-section (1) of section 101 In sub-section  (1), for the words “twenty one  days”,  the  words “fourteen  days” shall be substituted.

6.

Section 118. The section shall not apply as a whole except that minutes  may  be recorded within  thirty days of the conclusion of every  meeting  in  case  of  companies where the articles of association provide  for confirmation of minutes by circulation

7.

Sub-section (1) of section 136 In sub-section  (1), for the words “twenty one days”,  the  words “fourteen  days”  shall be substituted.

8.

Sub-section (1) of section 149 and the first proviso to sub-section (1). Shall not apply.

9.

Sub-sections (4), (5), (6), (7), (8), (9), (10), (11),  clause  (i) of sub-section (12) and   sub-section (13) of  section 149. Shall not apply.

10.

Section 150. Shall not apply.

11.

Proviso to sub-section (5 of section  152. Shall not apply.

12.

Section 160. Shall   not  apply  to  companies  whose articles provide for election of directors by ballot.

13.

Sub-section (1) of section 165. Shall not apply.

14.

Sub-section (1) of section  173. Shall apply only to the extent that the Board of Directors, of such Companies shall  hold at least one meeting within every six calendar months.

15.

Sub-section (1) of section 174. In sub-section (1),—(a) for the words “one-third of its total strength or two directors, whichever is higher”, the words “either eight members or  twenty  five  per  cent.  of its total strength   whichever  is  less”  shall   be substituted;

(b) the   following   proviso   shall   be inserted, namely:-

“Provided that the quorum shall not be less than two members”.

16.

Sub-section (2) of section 177. The  words “with  independent directors forming a majority” shall be omitted.

17.

Section 178. Shall not apply

18.

Section 179. Matters referred to in clauses (d), (e) and  (f) of sub-section  (3) may be decided by the Board by circulation instead of at a meeting.

19.

Sub-section (2) of section 184 Shall apply only if the transaction with reference to section 188 on the basis of  terms and conditions of the contract or arrangement exceeds one lakh rupees.

20.

Section 189. Shall apply only if the transaction with reference to section  188 on the basis of terms and conditions of the contract or  arrangement exceeds one lakh rupees.

2. The companies covered under section 8 of the Companies Act, 2013, while complying with such exceptions, modifications and adaptations, as specified in column (3)  of the  aforesaid Table,  shall  ensure that the interests of their shareholders are protected.

3. A copy of this notification  has been laid in draft before both Houses of Parliament as required by sub-section 2013.

[F NO 1/2/2014-CL.I]

Amardeep Singh Bhatia

Joint Secretary to the Government of India

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Category : Company Law (3467)
Type : Notifications (15376) Notifications/Circulars (30595)

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