TMI BlogExemption to Specified IFSC Private company –under section 462 of the Companies Act,2016X X X X Extracts X X X X X X X X Extracts X X X X ..... ons and adaptations as specified in column (3) of the said Table, to a private company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Services Centre located in an approved multi services Special Economic Zone set-up under the Special Economic Zones Act, 2005 (28 of 2005) read with the Special Economic Zones Rules, 2006 (hereinafter referred to as Specified IFSC private company ), namely:- Serial Number Provisions of the Companies Act, 2013 (18 of 2013) Exceptions/Modifications/Adaptations (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c Zones Rules, 2006 and any matter considered necessary in furtherance thereof, in accordance with license to operate, from International Financial Services Centre located in an approved multi services Special Economic Zone, granted by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India. . 5. Sub-section (1) of section 12 In sub-section (1), the following proviso shall be inserted, namely:- Provided that a Specified IFSC private company shall have its registered office at the International Financial Services Centre located in the approved multi services Special Economic Zone set-up under the Spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apply. 13. Sub-section (4) of section 56 In sub-section (4), after the proviso, the following proviso shall be inserted, namely:- Provided further that a Specified IFSC private company shall deliver the certificates of all securities to subscribers after incorporation, allotment, transfer or transmission within a period of sixty days. . 14. Sub-section (1) of section 82 In sub-section (1), the following proviso shall be inserted, namely:- Provided that in case of a Specified IFSC private company, the Registrar may, on an application by the company, allow such registration to be made within a period of three hundred da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -section (3) of section 134 In sub-section (3), the following proviso shall be inserted, namely:- Provided that in case of a Specified IFSC private company, if any information listed in this sub-section is provided in the financial statement, the company may not include such information in the report of the Board of Directors. . 22. Section 135 Shall not apply for a period of five years from the commencement of business of a Specified IFSC private company. 23. Section 138 Shall apply if the articles of the company provides for the same. 24. Fourth proviso to subsection (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by any institution or company or body corporate as a director in pursuance of the provisions of any law for the time being in force or of any agreement or by the Central Government or the State Government by virtue of its shareholding in a Government company. . 29. Proviso to sub-section (1) of section 168 For the word shall read as may . 30. Sub-section (2) of section 170 For the words thirty days at both places read as sixty days . 31. Sub-section (1) of section 173 In sub-section (1), after the proviso, the following proviso shall be inserted, namely:- Provided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 36. Sub-sections (2) and (3) of section 186 Shall not apply, if a company passes a resolution either at meeting of the Board of Directors or by circulation. 37. Sub-section (5) of section 186 In sub-section (5), after the proviso, the following proviso shall be inserted, namely:- Provided further that in case of a Specified IFSC private company, the Board can exercise powers under this sub-section by means of resolutions passed at meetings of the Board of Directors or through resolutions passed by circulation. . 38. Sub-section (2) of section 384 In sub-section (2), the following proviso shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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