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Exemptions to Government Companies under section 462 of CA 2013

Companies Law - F. No. 1/2/2014-CL-V - Dated:- 5-6-2015 - [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] Government of India Ministry of Corporate Affairs Notification New Delhi Dated the 05th June, 2015 G.S.R. 463(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 of the Companies Act, 2013 (18 of 2013) and in supersession of notifications issued unde .....

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ection(s) in the Companies Act, 2013 Exceptions, Modifications and Adaptations. (1) (2) (3) 1. 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 he 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-se .....

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f the bond: Provided also that the provisions of this sub-section shall not apply to a Government Company in respect of securities held by nominees of the Government. 3. Chapter VII. section 89. Shall not apply. 4. Chapter VII. section 90. Shall not apply 1[5. Chapter VII, sub-section (2) of section 96. In sub-section (2), for the words "such other place as the Central Government may approve in this behalf', the words "such other place within the city, town or village in which the .....

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ot apply to a Government Company in which the entire paid up share capital is held by the Central Government. or by any State Government or Governments or by the Central Government and one or more State Governments or by one or more Government Company. 8. Chapter IX. section 129. Shall not apply to the extent of application of Accounting Standard 17 (Segment Reporting) to the companies engaged in defence production. 9. Chapter IX, clause (e) of sub-section (3) of section 134 Shall not apply 10 C .....

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), 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. Chapter .....

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e paid up share capital is held by the Central Government, or by any State Government or Governments or by the Central Government and one or more State Governments; (b) a subsidiary of a Government company. referred to in (a) above, in which the entire paid up share capital is held by that Government company. 17 Chapter XI, section 162. Shall not apply to - (a) a Government Company in which the entire paid up share capital is held by the Central Government, or by any State Government or Governme .....

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ment company, referred to in (a) above, in which the entire paid up share capital is held by that Government company. 19 Chapter XI, sub- section(2) of section 164 Shall not apply. 20 Chapter XI, section 170 Shall not apply to 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 21 Chapter XI, section 171 Shall not apply to a Government Company in which .....

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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 25 Chapte .....

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to sub-section (1) of section 188. Shall not apply to - (a) a Government company in respect of contracts or arrangements entered into by it with any other Government Company (b) a Government company, other than a listed company, in respect of contracts or arrangements other than those referred to in clause (a), 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 Governm .....

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nce, a whole-time director of the Government Company." 3[29A. Chapter XV, sections 230 to 232 For the word "Tribunal", wherever it occurs, the words "Central Government" shall be substituted.] 30 Chapter XXIX. sub-section (2) of section 439 In sub-section (2), the words the Registrar, a shareholder of the company, or of shall be omitted. 2. The Government companies, while complying with such exceptions, modifications and adaptations, as specified in column (3) of the afo .....

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