Exemption to pvt companies

Vide this notification, the companies act has provided certain exemptions to private companies which are "Start-up" companies, i.e.:

1. Exclusion of cash flow statement from the definition of financial statement. [section 2 (40)]

2. Exemption from complying with the conditions of acceptance of deposit from its members for the first 5 years of incorporation [clauses (a) to (e) of section 73(2)]

3. Annual return may be signed by director of the company where there is no full time company secretary. No need to obtain certification of PCS. [section 92 (1)]

4. Can hold only one board meeting in each half of the calender year with a minimum gap of 90 days between two meetings. [section 173(5)]