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Exemptions to Government Companies under section 462 of CA 2013

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..... umber/ Sub-section(s) in the Companies Act, 2013 Exceptions, Modifications and Adaptations. (1) (2) (3) 6 [ 1. Chapter I, clause (45) of section 2. In clause (45), the following Explanation shall be inserted, namely:- Explanation. - For the purposes of this clause, the paid-up share capital shall be construed as total voting power , where shares with differential voting rights have been issued. 1A. Chapter II , section 4 . In section 4, in sub-section (1), in clause (a), the words 'in the case of a public limited company, or the last words Private Limited in the case of a private limited company shall be omitted. ] 2. Chapter IV, section 56 In sub-section (1), after the proviso, the following provisos shall he inserted, namely:- Provided further that the provisions of this sub-section, in so far as it requires a proper instrument of transfer, to be duly stamped and executed by or on behalf of the transfer and by or on behalf of the transferee, shal .....

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..... not apply in case the directors are evaluated by the Ministry or Department of the Central Government which is administratively in charge of the company, or, as the case may be. the State Government, as per its own evaluation methodology. 11 Chapter Xl section 149 (1) (b) and first proviso to sub-section (1) of section 149. Shall not apply 12. Chapter XI , clause (a) of sub-section (6) of section 149. In section 149. in sub-section (6), in clause (a), for the word Board , the words Ministry or Department of' the Central Government which is administratively in charge of the company, or, as the case may he, the State Government shall be substituted 13 Chapter XI, clause (c) of sub-section (6) of section 149. Shall not apply. 14. Chapter XI sub-section (5) of section 152 Shall not apply where appointment of such director is done by the Central Government or State Government, as the case may be 2 [15. .....

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..... o a Government Company in which the entire share capital is held by the Central Government, or by any State Government or Governments or by the Central Government or by one or more State Governments. 22 Chapter XII, clause (1) of sub-section (4) of section 177 . ln clause (i) of sub-section (4) of the section 177 , for the words recommendation for appointment, remuneration and terms of appointment the words recommendation for remuneration shall be substituted. 23 Chapter XII, sub-sections (2), (3) and (4) of section 178 . Shall not apply to Government company except with regard to appointment of 'senior management' and other employees. 24 Chapter XII, section 185. Shall not apply to Government company in case such .company obtains approval of the Ministry or Department of the Central Government which is administratively in charge of the company, or, as the case may be, the State Government before making any loan or giving any guarantee or providing any security under the section .....

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..... s, 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. 4 [ 2A. The exceptions, modifications and adaptations provided in column (3) of the aforesaid Table shall be applicable to a Government company which has not committed a default in filing its financial statements under section 137 of the said Act or annual return under section 92 of the said Act with the Registrar. ] 3. A copy of this notification has been laid in draft before both Houses of Parliament as required by sub-section (2) of section 462 of the Companies Act. 2013. [F. No. 1/2/2014-CL. V] (Amardeep Singh Bhatia) Joint Secretary to the Government of India ******************** Notes:- 1. Substituted vide F. No 1/2/2014-CL-V - Dated 13-6-2017 , before it was read as, 5. Chapter VII . sub- section (2) of section 96 In sub-section (2). for the words some other place within the city, town or village in wh .....

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