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Exemptions to Private Companies under section 462 of CA 2013

Companies Law - F. No. 1/1/2014-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. 464 (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), the Central Government, in the interest of pu .....

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, namely:- Provided that the financial statement, with respect to one person company, small company, dormant company and private company (if such private company is a start-up) may not include the cash flow statement; Explanation. - For the purposes of this Act, the term 'start-up' or "start-up company" means a private company incorporated under the Companies Act, 2013 (18 of 2013) or the Companies Act, 1956 (1 of 1956) and recognised as start-up in accordance with the notifica .....

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in sub-clause (i), the following proviso shall be inserted, namely:- Provided that notwithstanding anything contained in this sub-clause and sub-section (2) of this section, in case ninety per cent of the members of a private company have given their consent in -writing or in electronic mode, the periods lesser than those specified in the said sub-clause or sub-section shall apply. 4 Chapter IV, clause (b) of sub-section (1) of section 62. In clause (b), for the words "special resolution&qu .....

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g transactions under this section. 3[6. Chapter V, clauses (a) to (e) of sub-section (2) of section 73. Shall not apply to a private company- (A) which accepts from its members monies not exceeding one hundred per cent. of aggregate of the paid up share capital, free reserves and securities premium account; or (B) which is a start-up, for five years from the date of its incorporation; or (C) which fulfils all of the following conditions, namely:- (a) which is not an associate or a subsidiary com .....

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may be specified.] 4[6A. Chapter VII, clause (g) of sub- section (1) of section 92 Shall apply to private companies which are small companies, namely:- "(g) aggregate amount of remuneration drawn by directors;". 6B. Chapter VII, proviso to sub-section of section 92 For the proviso, the following proviso shall be 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 si .....

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ant companies, small companies and private companies having paid-up share capital less than one hundred crore rupees" shall be inserted after the words "twenty companies". 5[9A. Chapter X, clause (i) of sub-section (3) of section 143. Shall not apply to a private company:- (i) which is a one person company or a small company; or (ii) which has turnover less than rupees fifty crores as per latest audited financial 8[ statement and ] which has aggregate borrowings from banks or fina .....

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h the provisions of this section if at least one meeting of the Board 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 to .....

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anks or financial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower; and (c) such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this section 15. Chapter XII, second proviso to sub- section (1) of section 188. Shall not apply. 16. Chapter XIII, sub-sections (4) and (5) of section 196. Shall not apply. 2. The private companies, while complying with such exceptio .....

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