Exemption to Section 8 Companies under section 462 of CA, 2013

Notice Date : 13 June 2017

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRA-ORDINARY, PART II, SECTION 3, SUB-SECTION (i)]

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
Notification

New Delhi, dated the 13th June, 2017

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 section 462 read with section 8 of the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act), the Central Government, in the interest of public, hereby amends the notification of the Government of India, in the Ministry of Corporate Affairs, vide number G.S.R. 466(E) dated the 5th June, 2015 published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i), dated the 5th June 2015 (hereinafter referred to as the principal notification), namely:-

2. In the principal notification, in the Table, for serial number 8 and the entries relating thereto, the following serial number and the entries relating thereto shall be substituted, namely:-

(1)	(2)	(3)
“8	Clause (b) and first proviso to sub-section (1) of section 149.	Shall not apply.”

3. in the principal notification, in the Table, after serial No. 19, the following serial number and the entries relating thereto shall be inserted, namely:-

(1)	(2)	(3)
“19A.	Sub-section (7) of section 186.	In sub-section (7), the following proviso shall be inserted, namely :- Provided that nothing contained in this sub-section shall apply to a company in which twenty-six per cent. or more of the paid-up share capital is held by the Central Government or one or more State Governments or both, in respect of loans provided by such company for funding Industrial Research and Development projects in furtherance objects as stated in its memorandum of association.”.

4. In the principal notification, after paragraph 2, the following paragraph shall be inserted, namely:-

“2A. The exceptions, modifications and adaptations provided in column (3) of the aforesaid Table shall be applicable to a company covered under section 8 of the said Act which has not committed a default in filing its financial statements under section 137 or annual return under section 92 of the said Act with the Registrar.".

[F. No.1/2/2014-CL-I]

(Amardeep Singh Bhatia)

Joint Secretary to the Government of India

Note: – 1. A copy of this notification has been laid in draft before both Houses of Parliament as required by sub-section (2) of section 462 of the said Act.

2. The principal notification was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 466(E) dated the 5th June, 2015.

Please refer to the attached file for details