Date: 2015-06-05Category: Extra OrdinaryState: Union GovernmentCountry: India
The Central Govt. 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.
Executive Summary:
This notification, issued by the Ministry of Corporate Affairs on June 5, 2015, specifies exceptions, modifications, and adaptations to provisions of the Companies Act, 2013 for bodies licensed under Section 8 of the Act. It supersedes previous notifications under Section 25 of the Companies Act, 1956, with certain exceptions. A copy of this notification has been laid before both Houses of Parliament.
Key Points / Main Content:
Applicability of Companies Act, 2013 Provisions:
* Clause 24 of Section 2 shall not apply.
* The requirement of minimum paid-up share capital in Clause 68 and Clause 71 of Section 2 shall not apply.
* Section 118 shall not apply, except for the recording of minutes within thirty days for companies with articles of association that confirm minutes by circulation.
* Section 150 and Section 178 shall not apply.
* Proviso to subsection 5 of section 152 shall not apply.
* Subsection 1 of section 165 shall not apply.
Modifications to Companies Act, 2013 Provisions:
* Section 96(2): A proviso is added, stipulating the board of directors must decide the time, date, and place of the annual general meeting, considering directions from the company's general meeting.
* Sections 101(1) and 136(1): "Twenty-one days" is replaced with "fourteen days."
* Section 149(1): Shall not apply.
* Section 149(4, 5, 6, 7, 8, 9, 10, 11, clause i of subsection 12 and sub section 13): Shall not apply.
* Section 160: Shall not apply to companies whose articles provide for election of directors by ballot.
* Section 173(1): The Board of Directors must hold at least one meeting every six calendar months.
* Section 174(1):
* The quorum is amended to "either eight members or twenty-five per cent of its total strength, whichever is less," instead of "one-third of its total strength or two directors, whichever is higher."
* A proviso is added: "the quorum shall not be less than two members."
* Section 177(2): The phrase "with independent directors forming a majority" is omitted.
* Section 179(3): Matters in clauses d, e, and f may be decided by the Board via circulation instead of at a meeting.
* Sections 184(2) and 189: Apply only if transactions related to Section 188 exceed one lakh rupees.
Shareholder Protection:
* Companies under Section 8 must protect shareholder interests while complying with these exceptions, modifications, and adaptations.
Impact Analysis:
Section 8 Companies:
* Impact: These companies will have certain exemptions, modifications and adaptations to the rules stipulated in the Companies Act 2013.
* Action Required: Ensure compliance with the modified provisions of the Companies Act, 2013, while protecting shareholder interests.
Board of Directors of Section 8 Companies:
* Impact: Specific changes impact board meeting quorums, decision-making processes, and AGM scheduling.
* Action Required: Adjust practices to align with the updated requirements for board meetings, decision-making, and shareholder communication.
Shareholders of Section 8 Companies:
* Impact: Their interests must be protected as the company adheres to the new exceptions, modifications and adaptions.
* Action Required: Stay informed about changes to company governance and ensure their interests are protected.
Key Entities Referenced
Companies Act, 2013: A law governing companies in India, replacing the Companies Act, 1956.
Companies Act, 1956: The previous law governing companies in India, now superseded by the Companies Act, 2013.
Section 462: A section of the Companies Act, 2013 related to powers to exempt certain companies from provisions of the Act.
Section 8: A section of the Companies Act, 2013 pertaining to the formation of companies with charitable objects, etc.
Ministry of Corporate Affairs: The Indian government ministry responsible for regulating corporate affairs.
New Delhi: The capital city of India, where the notification was issued.
G.S.R. 466(E): An identification number for a statutory rule issued by the Government of India.
Amardeep Singh Bhatia: Joint Secretary who issued the notification.
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PART II—Section 3—Sub-section (i)
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ककककााााररररपपपपोोोोररररेेेेटटटट ककककाााायययय (cid:10)(cid:10) (cid:10)(cid:10)मममम(cid:13)(cid:13)ंं(cid:13)(cid:13)ंं ााााललललयययय
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:4)द(cid:6)ली, 5 जून, 2015
ससससाााा....ककककाााा....ििििनननन.... 444466666666((((अअअअ))))....————के(cid:11)(cid:12)ीय सरकार, कंपनी अिधिनयम, 2013 (2013 का 18) क(cid:17) धारा 462 क(cid:17) उप-धारा (1)
के खंड (क) और खडं (ख) (cid:21)ारा (cid:22)द(cid:23) शि(cid:26)य(cid:27) का (cid:22)योग करत े (cid:31)ए और धारा 8 के साथ प#ठत उ(cid:26) धारा क(cid:17) उप-धारा (2) के
अनुसरण म,) तथा कंपनी अिधिनयम, 1956 (1956 का 1) क(cid:17) धारा 25 के अधीन जारी अिधसूचना- को उन बात(cid:27) के
िसवाय अिध0ांत करते (cid:31)ए, िज(cid:11)ह ) ऐसे अिध0मण से पूव4 (cid:4)कया गया ह ै अथवा करने से लोप (cid:4)कया गया ह,ै लोकिहत म) यह
िनदेश देती ह ै (cid:4)क कंपनी अिधिनयम, 2013 के कितपय उपबधं जो 6त7भ (2) म ) िविन9द: ह,ै (cid:4)कसी ऐसे िनकाय को उ(cid:26)
सारणी के 6त7भ (3) म) यथा िविन9द: अपवाद(cid:27), उपांतरण(cid:27) और अनुकूलन(cid:27) सिहत लागू नह; ह(cid:27)गे अथवा लागू ह(cid:27)गे िजस े
पूव<(cid:26) धारा 8 के उपबधं (cid:27) के अधीन अनु=ि> (cid:22)दान क(cid:17) जाती ह,ै अथात4 ्:—
(cid:15)(cid:15)(cid:15)(cid:15)....सससस..ंं..ंं अअअअििििधधधधििििननननययययमममम ककककेेेे उउउउपपपपबबबबधधंंधधंं अअअअपपपपववववाााादददद,,,, उउउउपपपपााााततंंततंं ररररणणणण औऔऔऔरररर अअअअननननककुुककुु ूूूूललललनननन
((((1111)))) ((((2222)))) ((((3333))))
1. धारा 2 का खडं (24) धारा 2 के खंड (24) के उपबंध लाग ू नह; ह(cid:27)गे।
2. धारा 2 का खडं (68) (cid:11)यूनतम समाद(cid:23) शेयरपूंजी होने क(cid:17) अपे@ा लाग ू नह; होगी।
3. धारा 2 का खडं (71) (cid:11)यूनतम समाद(cid:23) शये रपूंजी होने क(cid:17) अपे@ा लाग ू नह; होगी।
4. धारा 96 क(cid:17) उप-धारा (2) उपधारा (2) म,) परंतुक के पAात् और 6प:ीकरण स े पहल,े िनCिलिखत
परंतुक अंतः6थािपत (cid:4)कया जाएगा, अथात4 ् :-
परंत ु यह और (cid:4)क कंपनी (cid:21)ारा अपनी साधारण अिधवेशन म ) इस संबंध म )
(cid:4)दए गए (cid:4)कसी िनदेश, य(cid:4)द कोई हो, के संबंध म ) िनदेशक मंडल (cid:21)ारा
सव4(cid:22)थम (cid:22)Hयेक वाIषक साधारण अिधवेशन का समय, तारीख और 6थान
पूव4 म) िनिAत (cid:4)कया गया हो।
2513 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
5. धारा 101 क(cid:17) उपधारा (1) उपधारा (1) म ) “इK(cid:17)स स े अ(cid:11)य नू 6प Lट (cid:4)दन(cid:27)” शNद(cid:27) के 6थान पर, “चौदह से
अ(cid:11)य ून 6प Lट (cid:4)दन(cid:27)” शNद रखे जाएंगे।
6. धारा 118 पूरी धारा लाग ू नह; होगी िसवाय इस बात के (cid:4)क जहा ं ऐसी कंपिनय(cid:27) के
संगम =ापन म ) काय4वृ(cid:23) क(cid:17) पुि: प#रचालन (cid:21)ारा करने का उपबंध ह,ै उनके
मामले म ) (cid:22)Hयेक अिधवेशन के समा> होन े के तीस (cid:4)दन के भीतर काय4वृ(cid:23)
अिभिलिखत (cid:4)कया जाए।
7. धारा 136 क(cid:17) उपधारा (1) उपधारा (1) म) “इK(cid:17)स (cid:4)दन” शNद(cid:27) के 6थान पर, “चौदह (cid:4)दन” शNद रख े
जाएंगे।
8. धारा 149 क(cid:17) उपधारा (1) लाग ू नह; होगा।
और उपधारा (1) पहला परंतुक
9. धारा 149 क(cid:17) उपधारा (4), लाग ू नह; होगी।
उपधारा (5), उपधारा (6),
उपधारा (7), उपधारा (8),
उपधारा (9), उपधारा (10),
उपधारा (11), उपधारा (12)
का खंड (i) और उपधारा (13)
10. धारा 150 लाग ू नह; होगी।
11. धारा 152 क(cid:17) उपधारा (5) का लाग ू नह; होगा।
परंतुक
12. धारा 160 उन कंपिनय(cid:27) पर लाग ू नह; होगा िजनके अनुQछेद(cid:27) म ) मतपS (cid:21)ारा िनदेशक(cid:27)
के चयन का उपबंध ह।ै
13. धारा 165 क(cid:17) उपधारा (1) लाग ू नह; होगी।
14. धारा 173 क(cid:17) उपधारा (1) उस सीमा तक ही लागू होगी (cid:4)क ऐसी कंपिनय(cid:27) का िनदेशक मंडल (cid:22)Hयेक छह
मास म) कम-से-कम एक अिधवशे न आयोिजत करेगा।
15. धारा 174 क(cid:17) उपधारा (1) उपधारा (1) म,) -
(क) “कुल संTया का एक ितहाई या दो िनदेशक(cid:27), जो भी अिधक हो” शNद(cid:27)
के 6थान पर “या तो आठ सद6य या कुल संTया का पचीस (cid:22)ितशत,
जो भी कम हो” शNद रखे जाएगं ;े
(ख) िनCिलिखत परंतुक अतं ः6थािपत (cid:4)कया जाएगा, अथा4त् :-
“परंत ुगणपूIत दो सद6य(cid:27) से कम क(cid:17) नह; होगी”
16. धारा 177 क(cid:17) उपधारा (2) “ब(cid:31)मत बनान े वाले ऐसे 6वतSं िनदेशक(cid:27) के साथ” शNद(cid:27) का लोप (cid:4)कया
जाएगा।
17. धारा 178 लाग ू नह; होगी।
18. धारा 179 उपधारा (3) के खडं (घ), खडं (ड.) और खंड (च) म ) िन9द: मामल(cid:27) का
िविनAय अिधवेशन के बजाय बोड4 (cid:21)ारा प#रचालन से (cid:4)कया जाएगा।
19. धारा 184 क(cid:17) उपधारा (2) उ(cid:11)ह; मामल(cid:27) म) लागू होगा जब धारा 188 के (cid:22)ित िनदVश म ) संिवदा अथवा
करार के िनबंधन(cid:27) और शतW के आधार पर संXवहार एक लाख Yपए से
अिधक का हो।
20. धारा 189 उ(cid:11)ह; मामल(cid:27) म) लागू होगा जब धारा 188 के (cid:22)ित िनदVश म ) संिवदा अथवा
करार के िनबंधन(cid:27) और शतW के आधार पर संXवहार एक लाख Yपए से
अिधक का हो।¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
2. कंपनी अिधिनयम, 2013 क(cid:17) धारा 8 के अधीन आन े वाली कंपिनयां पूव<(cid:26) सारणी के 6त7भ (3) म )
यथािविन9द: अपवाद(cid:27), उपांतरण(cid:27) और अनुकूलन(cid:27) का अनुपालन करते (cid:31)ए अपने शेयरधारक(cid:27) के िहत(cid:27) क(cid:17) सुर@ा सुिनिAत
कर)गी।
3. कंपनी अिधिनयम, 2013 क(cid:17) धारा 462 क(cid:17) उप-धारा (2) क(cid:17) अपे@ानुसार इस अिधसूचना क(cid:17) एक (cid:22)ित संसद
के दोन(cid:27) सदन(cid:27) के सम@ (cid:22)ाYप Yप म ) रखी गई ह।ै
[फा. सं. 1/2/2014-सीएल-I]
अमरदीप Zसह भा#टया, संयु(cid:26) सिचव
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 5th June, 2015
G.S.R. 466(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 read with Section 8 of the Companies Act,
2013 (18 of 2013), and in supersession of notifications issued under section 25 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 body to which a licence is granted under the
provisions of the aforesaid Section 8, namely :—
Serial Provisions of the Act Exceptions, Modifications and Adaptations
Number
(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 decided upon 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 In sub-section (1), for the words “twenty one days”, the
101. 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 section In sub-section (1), for the words “twenty one days”, the
136. words “fourteen days” shall be substituted.
8. Sub-section (1) of section 149 Shall not apply.
and the first proviso to sub-
section (1).4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
9. Sub-sections (4), (5), (6), (7), Shall not apply.
(8), (9), (10), (11), clause (i)
of sub-section (12) and sub-
section (13) of section 149.
10. Section 150. Shall not apply.
11. Proviso to sub-section (5) of Shall not apply.
section 152.
12. Section 160. Shall not apply to companies whose articles provide for
election of directors by ballot.
13. Sub-section (1) of section 165. Shall not apply.
14. Sub-section (1) of section 173. Shall apply only to the extent that the Board of Directors, of
such Companies shall hold at least one meeting within every
six calendar months.
15. Sub-section (1) of section 174. 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 The words “with independent directors forming a majority”
177. 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 Shall apply only if the transaction with reference to section
184. 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.
2. The companies covered under Section 8 of the Companies Act, 2013, while complying with such
exceptions, modifications and adaptations, as specified in column (3) of the aforesaid Table, shall ensure that
the interests of their shareholders are protected.
3. 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 Companies Act, 2013.
[F. No. 1/2/2014-CL.I]
AMARDEEP SINGH BHATIA, Jt. Secy.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.