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Exemption to Specified IFSC Private company under section 462 of the Companies Act2016

Companies Law - F. No. 3/1/2015-CL.I (Part-1) - Dated:- 4-1-2017 - MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 4th January, 2017 G.S.R. 9(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 the said section of the Companies Act, 2013 (18 of 2013), the Central Government, in the interest of public, hereby directs that certain provisions of the Companies Act, 2013 (18 of 2013), as specified in column .....

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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) (2) (3) 1. Clause (41) of section 2 In clause (41), after the second proviso, the following proviso shall be inserted, namely:- Provided also that in case of a Specified IFSC private company, which is a subsidiary of a foreign company, the financial year of the subsi .....

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ed IFSC private company shall have the suffix International Financial Service Company or IFSC as part of its name. . 4. Clause (c) of subsection (1) of section 4 In clause (c) of sub-section (1) of section 4, the following proviso shall be inserted, namely:- Provided that a Specified IFSC private company shall state its objects to do financial services activities, as permitted under the Special Economic Zones Act, 2005 read with the Special Economic Zones Rules, 2006 and any matter considered ne .....

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d office at the International Financial Services Centre located in the approved multi services Special Economic Zone set-up under the Special Economic Zones Act, 2005 read with the Special Economic Zones Rules, 2006, where it is licensed to operate, at all times. . 6. Sub-section (2) of section 12 For the words thirty days read as sixty days . 7. Sub-section (4) of section 12 For the words fifteen days read as sixty days . 8. Sub-section (5) of section 12 For sub-section (5), the following sub-s .....

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ficer or any other person . 10. Sub-sections (3) and (7) of section 42 Shall not apply. 11. Sub-section (6) of section 42 For the words sixty days read as ninety days . 12. Clause (c) of subsection (1) of section 54 Shall not 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, allo .....

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xty days . 16. Sub-section (3) of section 92 Shall not apply. 17. Sub-section (1) of section 100 In sub-section (1), the following proviso shall be inserted, namely:- Provided that in case of a Specified IFSC private company, the Board may subject to the consent of all the shareholders, convene its extraordinary general meeting at any place within or outside India. . 18. Sub-section (1) of section 117 For the words thirty days read as sixty days . 19. Sub-section (1) of section 118 In sub-sectio .....

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tion (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 s .....

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decision is communicated by the Central Government to the company, it would be deemed that the Central Government has approved the application and the company shall appoint new auditor at a general meeting convened within three months from the date of expiry of sixty days period. . 27. Sub-section (3) of section 149 In sub-section (3), the following proviso shall be inserted, namely:- Provided that this sub-section shall apply to the Specified IFSC private company in respect of financial years .....

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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 further that a Specified IFSC private company shall hold the first meeting of the Board of Directors within sixty days of its incorporation and the .....

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C private company, the Board can exercise the powers by means of resolutions passed at the meetings of the Board or through resolutions passed by circulation. . 34. Sub-section (1) of section 185 In the Explanation, for clause (c), the following clause shall be substituted, namely:- (c) any private company of which any such director is a director or member in which director of the lending company do not have direct or indirect shareholding through themselves or through their relatives and a spec .....

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eans 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 be inserted, namely:- Provided that notwithstanding anything contained in this Act, the exemptions provided under section 92 to companies incorporated under this Act for the purpose of operating from the International Financial Services Centre located in an approved multi services Special Economic Zone .....

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