Section 16 - Amendment of section 188 - Companies (Amendment) Act, 2015

Amendment of section 188 16. In section 188 of the principal Act , (a) in sub-section (1),- (i) for the words special resolution , at both the places where they occur, the word resolution shall be substituted; (ii) after the third proviso, the following proviso shall be inserted, namely:- Provided also that the requirement of passing the resolution under first proviso shall not be applicable for transactions entered into between a holding company and its wholly owned subsidiary whose accounts are consolidated with such holding company and placed before the shareholders at the general meeting for approval. ; (b) in sub-section (3), for the words special resolution , the word resolution shall be substituted.