TMI BlogExemption to Specified IFSC Public 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 ..... 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 subsidiary may be same as the financial year of its holding company and approval of the Tribunal shall not be required. . 2. Sub-clause (viii) of clause (76) of section 2 Shall not apply with respect to section 188. 3. Sub-section (2) of section 3 In sub-section (2), the following proviso shall be inserted, namely:- Provided that a Specified IFSC public company shall be formed only as a company limited by shares. . 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistered office to any other place outside 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 company, where memorandum of association or articles of association of such company provides for it. 15. Clause (c) of subsection (1) of section 54 Shall not apply. 16. Sub-section (4) of section 56 In sub-section (4), after the proviso, the following proviso shall be insert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23. Sub-section (3) of section 92 Shall not apply. 24. 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 public company, 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), the following proviso shall be inserted, namely:- Provided that in case of a Specified IFSC public company, the minutes of every meeting of it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... blic company in respect of financial years other than the first financial year from the date of its incorporation. . 38. Sub- sections (4) to (11), clause (i) of subsection (12) and sub-section (13) of section 149 Shall not apply. 39. Sub-section (5) of section 152 For the words thirty days read as sixty days . 40. Sub-sections (6) and (7) of section 152 Shall not apply. 41. Section 160 Shall apply as per the articles framed by the company. 42. Sub-section (3) of section 161 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. . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch director of the lending company do not have direct or indirect shareholding through themselves or through their relatives and a special resolution is passed to this effect; . 54. Sub-section (1) of section 186 Shall not apply. 55. 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. 56. 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 public 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. . 57. Second proviso to subsection (1) of section 188 Shall not apply. 58. Sub-section (4) of section 196 Shall not apply. 59. Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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