Executive Summary:
This notification from the Ministry of Corporate Affairs amends the Companies Meetings of Board and its Powers Rules, 2014. The amendments are made under the powers conferred by the Companies Act, 2013. These amended rules, called the Companies Meetings of Board and its Powers Amendment Rules, 2017, came into force on March 30, 2017, the date of their publication in the Official Gazette.
Key Points / Main Content:
Amendments to the Companies Meetings of Board and its Powers Rules, 2014:
* In rule 15, sub-rule 3, clause (a), items (i), (ii), (iii) and (iv), the phrase "exceeding ten per cent." is replaced with "amounting to ten per cent. or more."
* In rule 15, sub-rule 3, clause (b), item (iii), the phrase "ten per cent. of turnover" is replaced with "ten per cent. or more of turnover."
Impact Analysis:
Companies and Boards:
* Impact: Companies and their Boards are subject to revised rules regarding meetings and powers, specifically concerning transactions and turnover percentages.
* Action Required: Companies must ensure compliance with the amended rules in their Board meetings and related decision-making processes.
Key Entities Referenced
Companies Act, 2013: An act of the Indian Parliament that regulates incorporation of companies, responsibilities of a company, directors, dissolution of a company and other related aspects.
Companies Meetings of Board and its Powers Rules, 2014: Rules pertaining to meetings of the board and its powers as per the Companies Act. These rules are being amended by this notification.
Ministry of Corporate Affairs: The ministry in the Government of India responsible for administration of the Companies Act 2013 and other laws and regulations.
New Delhi: The location where the notification was issued.
Central Government: The governing authority that makes the rules and amendments under the Companies Act.
G.S.R. 309E: A notification number related to the amendment of the Companies Meetings of Board and its Powers Rules, 2014.
Amardeep Singh Bhatia: The Joint Secretary who signed the notification.
The Gazette of India: The official journal of the Government of India, publishing official rules and notifications.
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No. 245] NEW DELHI, THURSDAY, MARCH 30, 2017/CHAITRA 9, 1939
कारपोरेट काय (cid:6981)म(cid:7074)ं ालय
अिधसचू ना
नई (cid:7408)द(cid:7016)ली, 30 माच(cid:6981), 2017
सा.का.िन. 309(अ).—के(cid:7008)(cid:7076)ीय सरकार, कंपनी अिधिनयम, 2013 (2013 का 18) क(cid:7409) धारा 173, धारा 175, धारा
177, धारा 178, धारा 179, धारा 184, धारा 185, धारा 186, धारा 187, धारा 188, धारा 189, और धारा 191 के
साथ प(cid:7407)ठत धारा 469 के अधीन (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करते (cid:7263)ए कंपनी (बोड(cid:6981) क(cid:7409) बैठक(cid:7286) और इसक(cid:7409) शि(cid:7334)यां) िनयम, 2014
म(cid:7286) आगे और संशोधन करन े हते ुिन(cid:7388)िलिखत िनयम बनाती ह,ै अथा(cid:6981)त:्—
1. (1) इन िनयम(cid:7298) का नाम कंपनी (बोड (cid:6981) क(cid:7409) बैठक(cid:7286) और इसक(cid:7409) शि(cid:7334)यां) संशोधन िनयम, 2017 ह।ै
(2) ये राजप(cid:7074) म (cid:7286) (cid:7079)काशन क(cid:7409) तारीख से (cid:7079)वृ(cid:7275) ह(cid:7298)गे।
2. कंपनी (बोड (cid:6981) क(cid:7409) बैठक(cid:7286) और इसक(cid:7409) शि(cid:7334)यां) िनयम, 2014 म (cid:7286)िनयम 15 के उप-िनयम (3) म,(cid:7286) खंड (क) म—(cid:7286)
(क)(cid:32) मद सं(cid:6990)या (i), मद सं(cid:6990)या (ii), मद सं(cid:6990)या (iii) और मद सं(cid:6990)या (iv) म(cid:7286) “दस (cid:7079)ितशत से अिधक” श(cid:7011)द जहां कह(cid:7277)
भी आत े ह,(cid:7289) के (cid:7021)थान पर “दस (cid:7079)ितशत या उससे अिधक” श(cid:7011)द(cid:7298) को रखा जाएगा; और
(ख)(cid:32) मद स(cid:6990)या (iii) म(cid:7286) “आवत(cid:6981) का दस (cid:7079)ितशत” श(cid:7011)द(cid:7298) के (cid:7021)थान पर “आवत(cid:6981) का दस (cid:7079)ितशत या उससे अिधक” श(cid:7011)द(cid:7298)
को रखा जाएगा ।
[फा. सं. 1/32/2013-सीएल-V-भाग]
अमरदीप (cid:7410)सह भा(cid:7407)टया, संयु(cid:7334) सिचव
1802 GI/2017 (1)(cid:32)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(cid:7407)ट(cid:7009)पण : मूल िनयम तारीख 31 माच(cid:6981), 2014 क(cid:7409) सा.का.िन. सं. 240(अ) (cid:7367)ारा भारत के राजप(cid:7074), असाधारण, भाग II, खडं 3,
उप-खंड (i) म(cid:7286) (cid:7079)कािशत (cid:7408)कए गए थ े और िन(cid:7388)िलिखत अिधसूचना(cid:7312) (cid:7367)ारा प(cid:7391)ातवत(cid:7278) संशोधन (cid:7408)कए गए :—
(cid:7059). स.ं अिधसचू ना स(cid:6990)ं याकं तारीख
1.(cid:32) सा.का.िन. 398(अ) 12 जून, 2014
2.(cid:32) सा.का.िन. 590(अ) 14 अग(cid:7021)त, 2014
3.(cid:32) सा.का.िन. 206(अ) 18 माच(cid:6981), 2015
4.(cid:32) सा.का.िन. 971(अ) 14 (cid:7408)दसंबर, 2015
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 30th March, 2017
G.S.R. 309(E).—In exercise of the powers conferred under sections 173, 175, 177, 178, 179, 184,
185, 186, 187, 188, 189 and section 191 read with section 469 of the Companies Act, 2013 (18 of 2013), the
Central Government hereby makes the following rules further to amend the Companies (Meetings of Board
and its Powers) Rules, 2014, namely:—
1. (1) These rules may be called the Companies (Meetings of Board and its Powers) Amendment Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Meetings of Board and its Powers) Rules, 2014, in rule 15, in sub-rule (3), in
clause (a)—
(a) in item (i), item (ii), item (iii) and item (iv), for the words “exceeding ten per cent.” wherever
they occur, the words “amounting to ten per cent. or more” shall be substituted; and
(b) in item (iii), for the words “ten per cent. of turnover” the words “ten per cent. or more of
turnover” shall be substituted.
[F. No. 1/32/2013-CL-V-Part]
AMARDEEP SINGH BHATIA, Jt. Secy.
Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-
section (i), (cid:105)(cid:100)(cid:101)(cid:118) number G.S.R. 240(E), dated the 31st March, 2014 and was subsequently amended
vide notifications as detailed below:—
Sl. No. Notification Number Date
1 G.S.R. 398(E) 12th June, 2014
2 G.S.R. 590(E) 14th August, 2014
3 G.S.R 206(E) 18th March, 2015
4 G.S.R 971(E) 14th December, 2015
(cid:32)
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