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Conversion of Solar Energy Corporation of India (SECI) from Section 8 company to Section 3 company under the Companies Act 2013 and renaming it as Renewable Energy Corporation of India (RECI).

Dated:- 24-6-2015 - The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to the Solar Energy Corporation of India (SECI) to apply to the Registrar of Companies for (i) converting it into a Section 3 company under the Companies Act, 2013 (No,18 of 2013); and (ii) renaming it as the Renewable Energy Corporation of India (RECI). The major impact of the decision will be:- (1) SECI will become a self-sustaining and self-generating organization. (2) SECI will en .....

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ritable, objects. Under this provision, the commercial aspect of a business entity and its growth is completely prohibited. In comparison for a Section 3 company the object is not limited, and is mainly for commercial activities which will facilitate growth of the company. It therefore, means that a Section 8 company can only engage in activities of promotion of commerce, art, science, sports, education, research, social welfare, religion, charity etc., but not commercial activity leading to tra .....

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