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

Companies Law - F.No. 3/1/2015-CL-1 - Dated:- 4-1-2017 - MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 4th January, 2017 G.S.R. 08(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 (2) of th .....

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2005) read with the Special Economic Zones Rules, 2006 (herein after referred to as Specified IFSC public 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 public company, which is a subsidiary of a foreign company, the financial year of the subsi .....

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he proviso, the following proviso shall be inserted, namely:- Provided further that a Specified IFSC public company shall have the suffix International Financial Service Company or IFSC as part of its name. . 5. 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 public company shall state its objects to do financial services activities, as permitted under the Special Economic Zo .....

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viso shall be inserted, namely:- Provided that a Specified IFSC public 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 Special Economic Zones Act, 2005 read with the Special Economic Zones Rules, 2006, where it is licensed to operate, at all times. . 7. Sub-section (2) of section 12 For the words thirty days read as sixty days . 8. Sub-section (4) of section 12 For the words fift .....

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ide the said International Financial Services Centre. . 10. Section 21 For the words an officer read as an officer or any other person . 11. Sub-sections (3) and (7) of section 42 Shall not apply. 12. Sub-section (6) of section 42 For the words sixty days read as ninety days . 13. Section 43 Shall not apply to a Specified IFSC public company, where memorandum of association or articles of association of such company provides for it. 14. Section 47 Shall not apply to a Specified IFSC public compa .....

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e (a) of subsection (1) of section 62 In clause (a) of sub-section (1), the following proviso shall be inserted, namely:- Provided that notwithstanding anything contained in sub-clause (i), in case of a Specified IFSC public company, the periods lesser than those specified in the said sub-clause shall apply if ninety per cent. of the members have given their consent in writing or in electronic mode. . 18. Clause (b) of subsection (1) of section 62 For the words special resolution read as ordinar .....

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to (e) of subsection (2) of section 73 Shall not apply to a Specified IFSC public company which accepts from its members, monies not exceeding one hundred per cent. of aggregate of the paid up share capital and free reserves, and such company shall file the details of monies so accepted to the Registrar in such manner as may be specified. 21. 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 public compan .....

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the Board may subject to the consent of all the shareholders, convene its extraordinary general meeting at any place within or outside India. . 25. Sections 101 to 107 and section 109 Shall apply in case of a Specified IFSC public company, unless otherwise specified in the articles of the company. 26. Sub-section (1) of section 117 For the words thirty days read as sixty days . 27. Clause (g) of sub-section (3) of section 117 Shall not apply. 28. Sub-section (1) of section 118 In sub-section (1) .....

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ub-section (3), following proviso shall be inserted, namely:- Provided that in case of a Specified IFSC public 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. . 31. Section 135 Shall not apply for a period of five years from the commencement of business of a Specified IFSC public company. 32. 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. . 36. Second proviso to subsection (1) of section 149 Shall not apply. 37. Sub- section (3) of section 149 In sub-section (3), the following proviso shall be inserted, namely:- Provided that this sub-section shall apply .....

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61 In sub-section (3), the following proviso shall be inserted, namely:- Provided that in case of a Specified IFSC public company, the Board may appoint, any person nominated 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. . 43. Section 162 Shall not apply. 44. Proviso to sub-section (1) .....

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a calendar year. . 47. Sub-section (3) of section 174 Shall apply with the exception that interested director may participate in such meeting provided the disclosure of his interest is made by the concerned director either prior or at the meeting. 48. Section 177 Shall not apply. 49. Section 178 Shall not apply. 50. Sub-section (3) of section 179 In sub-section (3), after the second proviso, the following proviso shall be inserted, namely:- Provided also that in case of a Specified IFSC public c .....

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