Clause 63 - Amendment of section 188. - Companies (Amendment) Bill, 2017

Amendment of section 188. 63. In section 188 of the principal Act,- ( i ) in sub-section ( 1 ), after second proviso, the following proviso shall be inserted, namely:- Provided also that nothing contained in the second proviso shall apply to a company in which ninety per cent. or more members, in number, are relatives of promoters or are related parties: ; ( ii ) in sub-section ( 3 ), for the words shall be voidable at the option of the Board , the words shall be voidable at the option of the Board or, as the case may be, of the shareholders shall be substituted.