TMI BlogExemption to Private Companies under section 462 of CA, 2013X X X X Extracts X X X X X X X X Extracts X X X X ..... published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i), dated the 5 th June 2015 (hereinafter referred to as the principal notification), namely:- 2. In the principal notification , in the Table, the existing serial number 1 and the entries relating thereto shall be re-numbered as serial number 1-A, and before the serial number 1A as so re-numbered and the entries relating thereto, the following serial number and the entries relating thereto shall be inserted, namely- (1) (2) (3) 1. Chapter I, clause (40) of section 2. For the proviso, the following shall be substituted, namely:- Provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial institutions or any body corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower; and (c) such a company has not defaulted in the repayment of such borrowings subsisting at the time of accepting deposits under this section: Provided that the company referred to in clauses (A), (B) or (C) shall file the details of monies accepted to the Registrar in such manner as may be specified. 4. In the principal notification , in the table, after serial number 6 and the entries relating thereto, the following serial numbers and the entries shall be inserted, namely:- (1) (2) (3) 6A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the entries relating thereto shall be inserted, namely:- (1) (2) (3) 11A. Chapter XII, sub-section (5) of section 173 For sub-section (5), the following sub-section shall be substituted, namely:- (5) A One Person Company, small company, dormant company and a private company (if such private company is a start-up) shall be deemed to have complied with the provisions of this section if at least one meeting of the Board of Directors has been conducted in each half of a calendar year and the gap between the two meetings is not less than ninety days: Provided that nothing contained in this sub-section and in section 174 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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