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Statutory Provisions

Home Acts & Rules Bill Bills COMPANIES (AMENDMENT) BILL, 2017 This

Clause 63 - Amendment of section 188. - COMPANIES (AMENDMENT) BILL, 2017

COMPANIES (AMENDMENT) BILL, 2017
  • Contents

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.

 
 
 
 

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