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MCA has issued a notification granting exemptions to Government Companies from the provisions of the Companies Act, 2013.
The exemptions have been given for provisions related to transfer and transmission of securities; declaration and investigation of beneficial interest; Annual general Meetings time; declaration of dividends; segment reporting, report of board of directors, maximum number of directors; independent directors, appointment and disqualification of directors; audit and remuneration committee; loan to directors; related party transactions; managing or whole time directors.
The notification is a under:
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
5 th June, 2015
G.S.R. _(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 said section of the Companies Act, 2013 (18 of 2013) and in supersession of notifications issued under section 620 of the Companies Act, 1956 (1 of 1956), except as respects things done or omitted to be done before such supersession, the Central Government. in the interest of public. hereby directs that certain provisions of the Companies Act, 2013, as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations as specified in column (3) of the said table, to a Government company, namely:-
|
S. No. |
Chapter Number/ Section number/ Sub-section(s) in the Companies Act. 2013 |
Exceptions, Modifications and Adaptations. |
|
(1) |
(2) |
(3) |
|
1. |
Chapter II, section 4. |
In section 4, iD sub-section (l), in clause (a), the words 'in the case of a public limited company, or the last words "Private Limited" in the case of a private limited company' shall be omitted. |
|
2. |
Chapter IV, section 56 |
In sub-section (1), after the proviso, the following provisos shall be inserted, namely- Provided further that the provisions of this sub-section, in so far as it requires a proper instrument of transfer, to be duly stamped and executed by or on behalf of the transferor and by or on behalf of the transferee, shall not apply with respect to bonds issued by a Government company, provided that an intimation by the transferee specifying his name. address and occupation, if any, has been delivered to the company along with the certificate relating to the bond; and if no such certificate is in existence. along with the letter of allotment of the bond: Provided also that the provisions of this sub-section shall not apply to a Government Company in respect of securities held by nominees of the Government. |
Download Full Notification Click Here >>
Related Updates:
MCA Notification 05-06-2015-Exemptions to Private Companies Click Here >>
MCA Notification 05-06-2015-Exemptions to Section-8 Companies Click Here>>
MCA Notification 05-06-2015-Exemptions to Nidhi Companies Click Here >>
MCA Notification-Exemptions, Relaxations to Government Companies from Various Provisions of the Companies Act, 2013 | 05-06-2015 |
