S. No.

Provisions of the Act

Exceptions, Modifications       and Adaptations

(1)

(2)

(3)

1.

Clause (24) of section 2.

The provisions of clause (24) of section 2 shall not apply.

2.

Clause (68) of section 2

The requirement of having minimum paid-up share capital shall not apply

3.

Clause (71) of section 2.

The  requirement  of   having   minimum paid-up share capital shall not apply.

4.

Sub-section (2) of section 96.

In sub-section (2), after the proviso and before the explanation,            the following proviso shall be inserted, namely:- Provided further that the time, date and place of each annual general meeting are decide on  before-hand  by  the  board of directors having regard to the directions, if any, given in this regard by the company in its general meeting.

5.

Sub-section (1) of section 101.

In sub-section (1), for the words "twenty one days",        the words "fourteen days" shall be substituted .

6.

Section 118

The  section  shall  not  apply  as  a  whole except that minutes may be recorded within thirty days of the conclusion of every   meeting   in   case   of   companies where the articles of association provide for confirmation of minutes by circulation.

7.

Sub-section (1) of section136.

In sub-section (1), for the words "twenty one days", the words "fourteen days" shall be substituted

8.

Sub-section (1) of section149 and the first proviso to sub-section (1)

Shall not apply.

9.

Sub-sections     (4), (5), (6),  (7),  (8),  (9),  (10), (11),  clause (i)  of  sub- section (12) and sub-section (13) of section 149

Shall not apply.

10.

Section 150.

Shall not apply.

11.

Proviso to sub-section (5) section 152.

Shall not apply.

12.

Section 160.

Shall not apply  to companies    whose articles  provide  for  election  of  directors by ballot.

13.

Sub-section (1) of section165.

Shall not apply.

14.

Sub-section (1) of section 173.

Board  of  Directors,  of  such  Companies shall hold at least one meeting within every six calendar months.

15.

Sub-section (1) of section174.

In sub-section  (1),--
(a) for the words "one-third of its total strength or two directors, whichever is higher", the words "either eight members or twenty five per cent. of its total strength whichever is less" shall be substituted;
(b) the following proviso shall be inserted, namely:-
"Provided that the quorum shall not be less than two members".

16.

Sub-section (2) of section 177.

The words "with independent directors forming a majority" shall be omitted.

17.

Section 178.

Shall not apply.

18.

Section 179.

Matters referred to in clauses (d), (e) and(f) of sub-section (3) may be decided by the Board by circulation instead of at a meeting.

19.

Sub-section (2) of section 184.

Shall apply only if the transaction with reference to section 188 on the basis of terms and conditions of the contract or arrangement exceeds one lakh rupees.

20.

Section 189.

Shall apply only if the transaction with reference to section 188 on the basis of terms and conditions of the contract or arrangement exceeds one lakh rupees.