TMI BlogExemptions to Private Companies under section 462 of CA 2013X X X X Extracts X X X X X X X X Extracts X X X X ..... ified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations, as specified in column (3) of the said Table, to a private company, namely:- Serial number Chapter/ Section number/ Sub- section(s) in the Companies Act, 2013 Exceptions/ Modifications /Adaptations (1) (2) (3) 2 [1 Chapter I, clause (40) of section 2. For the proviso, the following shall be substituted, namely:- Provided that the financial statement, with respect to one person company, small company, dormant company and private company (if such private comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pter IV , clause (b) of sub-section (1) of section 62. In clause (b), for the words special resolution , the words ordinary resolution shall be substituted 5. Chapter IV, section 67 . Shall not apply to private companies (a) in whose share capital no other body corporate has invested any money; (b) if the borrowings of such a company from banks or financial institutions or any body corporate is less than twice its paid up share capital or fifty crore rupees, whichever is lower; and (c) such a company is not in default in repayment of such borrowings subsisting at the time of making transactions under this section. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... substituted, namely:- Provided that in relation to One Person Company, small company and private company (if such private company is a start-up), the annual return shall be signed by the company secretary, or where there is no company secretary, by the director of the company.] 7. Chapter VII, sections 101 to 107 and section 109 . Shall apply unless otherwise specified in respective sections or the articles of the company provide otherwise. 8. Chapter VII , clause (g) of sub-section (3) of section 117. Shall not apply. 9. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Directors has been conducted in each half of a calendar year and the gap between the two meetings is not less than ninety days: Provided that nothing contained in this sub-section and in section 174 shall apply to One Person Company in which there is only one director on its Board of Directors. 11B Chapter XII, sub-section (3) of section 174. Shall apply with the exception that the interested director may also be counted towards quorum in such meeting after disclosure of his interest pursuant to section 184 .] 12. Chapter XII , section 180. Shall not apply. 13. Chapter XII , s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts 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. 1/1/2014-CL.V] Amardeep Singh Bhatia, Joint Secretary to the Government of India ------------------ Notes:- 1. Renumbered vide F. No. 1/1/2014-CL-V - Dated 13-6-2017 2. Inserted vide F. No. 1/1/2014-CL-V - Dated 13-6-2017 3. Substituted vide F. No. 1/1/2014-CL-V - Dated 13-6-2017 before it was read as, 6. Chapter V, clauses (a) to (e) of sub-section (2) of section 73 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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