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 private companies. It aims to balance regulatory requirements with the interests of public, while protecting the interests of shareholders. A copy of the notification was laid before both Houses of Parliament.
Key Points / Main Content:
Applicability of Companies Act, 2013 Provisions to Private Companies:
* **Chapter I:** Subclause (viii) of clause 76 of section 2 shall not apply with respect to section 188.
* **Chapter IV:**
* Sections 43 and 47 shall not apply where the memorandum or articles of association of the private company so provide.
* Subclause (i) of clause (a) of subsection 1 and subsection 2 of section 62 shall apply with modifications, including a proviso for a shorter notice period with 90% member consent.
* Clause (b) of subsection 1 of section 62 is modified to replace "special resolution" with "ordinary resolution".
* Section 67 shall not apply to private companies meeting specific criteria related to corporate investment, borrowings, and repayment status.
* **Chapter V:** Clauses (a) to (e) of subsection 2 of section 73 shall not apply to private companies accepting monies from members within specified limits, provided details are filed with the Registrar.
* **Chapter VII:** Sections 101 to 107 and section 109 apply unless specified otherwise in respective sections or the articles of the company.
* **Chapter VII:** Clause (g) of subsection 3 of section 117 shall not apply.
* **Chapter X:** Clause (g) of subsection 3 of section 141 applies with modifications, excluding certain types of companies from specific requirements.
* **Chapter XI:** Sections 160 and 162 shall not apply.
* **Chapter XII:** Section 180 shall not apply.
* Subsection 2 of section 184 applies with the exception that interested directors may participate in meetings after disclosing their interest.
* Section 185 shall not apply to private companies meeting specific criteria related to corporate investment, borrowings, and repayment status.
* **Chapter XII:** The second proviso to subsection 1 of section 188 shall not apply.
* **Chapter XIII:** Subsections 4 and 5 of section 196 shall not apply.
General Provisions:
* Private companies must protect shareholder interests while complying with the specified exceptions, modifications, and adaptations.
Impact Analysis:
Private Companies:
* Impact: Subject to modified compliance requirements under the Companies Act, 2013, as detailed in the notification. Certain sections do not apply or are modified to ease regulatory burden while protecting shareholder interests.
* Action Required: Review internal policies and procedures to ensure compliance with the specific exceptions, modifications, and adaptations outlined in the notification.
Shareholders of Private Companies:
* Impact: Their interests are to be protected while private companies avail themselves of the exceptions, modifications and adaptations outlined in the notification.
* Action Required: Monitor company compliance and ensure shareholder interests are safeguarded.
Central Government:
* Impact: Responsible for overseeing the implementation and impact of these changes on private companies and the public interest.
* Action Required: Monitor the effectiveness of the modifications and adaptations and make adjustments as necessary to ensure the objectives of the Companies Act, 2013 are met.
Key Entities Referenced
Companies Act, 2013: A law enacted in 2013, which is the primary subject of the notification, specifying provisions applicable to companies in India.
Central Government: The executive branch of the Government of India, which issues the notification and exercises powers under the Companies Act, 2013.
Ministry of Corporate Affairs: The Indian government ministry responsible for administering the Companies Act, 2013, and issuing the notification.
New Delhi: The location where the notification was issued.
private company: A type of company that is the subject of the exceptions, modifications, and adaptations specified in the notification.
Parliament: The legislative branch of the Government of India, which receives a copy of the draft notification as required by the Companies Act, 2013.
Registrar: The official with whom private companies must file details of monies accepted from members, as per the modifications to the Companies Act, 2013.
AMARDEEP SINGH BHATIA: The Joint Secretary who signed the notification on behalf of the Ministry of Corporate Affairs.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (i)
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No. 373] NEW DELHI, FRIDAY, JUNE 5, 2015/JYAISTHA 15, 1937
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.... 444466664444((((अअअअ))))....———— के(cid:11)(cid:12)ीय सरकार, कंपनी अिधिनयम, 2013 (2013 का 18) क(cid:17) धारा 462 क(cid:17) उपधारा (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 उ(cid:26) धारा क(cid:17) उपधारा (2) के अनुसरण म % लोकिहत म %
यह िनदेश दते ी ह ै (cid:4)क कंपनी अिधिनयम, 2013 के कितपय उपबंध, जैसा (cid:4)क सारणी के *तभं (2) म % िविन-द. ह,/ के उपबधं
(cid:4)कसी (cid:22)ाइवेट कंपनी पर उ(cid:26) सारणी के *तंभ (3) म% यथा िविन-द. अपवाद, उपातं रण और अनुकूलन सिहत लाग ू नह3 होग %
या लाग ूहोग,% अथात4 ्:—
(cid:15)(cid:15)(cid:15)(cid:15)....सससस..ंं..ंं ककककंंंंपपपपननननीीीी अअअअििििधधधधििििननननययययमममम,,,, 2222000011113333 मममम (cid:16)(cid:16) (cid:16)(cid:16) अअअअपपपपववववाााादददद////उउउउपपपपााााततंंततंं ररररणणणण////अअअअननननककुुककुु ूूूूललललनननन
अअअअ(cid:18)(cid:18)(cid:18)(cid:18)ययययाााायययय////धधधधाााारररराााा////उउउउपपपप----धधधधाााारररराााा ((((उउउउपपपप----
धधधधााााररररााााएएएए))ंं)ंं)
((((1111)))) ((((2222)))) ((((3333))))
1. अ5याय 1, धारा 2 के खंड धारा 188 के संबंध म %लागू नह3 होगी।
(76) के उपखंड (8)
2. अ5याय 4, धारा 43 और धारा जहां (cid:22)ाइवेट कंपनी के संगम 9ापन या संगम अनु:छेद म % ऐसा उपबंध हो, वहा ं
47 लाग ू नह3 होगी।
3. अ5याय 4, धारा 62 क(cid:17) िन=िलिखत उपांतरण(cid:27) के साथ लागू होगी ;—
उपधारा (1) के खंड (क) का
खंड (क) के उपखंड (i) म% िन=िलिखत परंतुक अंतः*थािपत (cid:4)कया जाएगा,
उपखंड (i) और धारा 62 क(cid:17)
उपधारा (2) अथा4त ्:—
“परंत ु इस धारा के इस उपधारा और उपधारा (2) म % अतं Aव. (cid:4)कसी बात के
होते (cid:31)ए भी, (cid:4)कसी (cid:22)ाइवेट कंपनी के नBबे (cid:22)ितशत सद*य(cid:27) ने िलिखत म% या
इलेCDॉिनक मा5यम से अपनी सFम ित दी ह ै तो उ(cid:26) उपखडं या उपधारा म%
2511 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
िविन-द. अविध स े कम क(cid:17) अविध लागू होगी”
4. अ5याय 4, धारा 62 क(cid:17) खंड (ख) म% “िवशेष संक(cid:6)प” शBद(cid:27) के *थान पर “साधारण संक(cid:6)प” शBद रख े
उपधारा (1) का खडं (ख)
जाएंगे।
5. अ5याय 4, धारा 67 िन=िलिखत (cid:22)ाइवेट कंपिनय(cid:27) पर लाग ू नह3 होगी-
(क) िजसक(cid:17) शेयर पूंजी म% (cid:4)कसी अ(cid:11)य कारपोरेट िनकाय न े िविनधान नह3
(cid:4)कया हो;
(ख) य(cid:4)द ऐसी (cid:4)कसी कंपनी िजसक(cid:17) ब/को या िव(cid:23)ीय सं*थान(cid:27) या अ(cid:11)य
(cid:4)कसी कारपोरेट िनकाय से ऋण उसक(cid:17) चकु ता शेयर पूंजी के दगु नु े या पचास
करोड़ Kपए स े कम, जो भी कम हो तो; और
(ग) ऐसी कंपनी जो इस (cid:22)कार के िवLमान उधार के (cid:22)ितसंदाय के समय
इस धारा के अधीन सMं य वहार म% दोषी न हो।
6. अ5याय 5, धारा 73 क(cid:17) (cid:4)कसी ऐसी (cid:22)ाइवेट कंपनी पर लागू नह3 होगी जो अपन े सद*य(cid:27) से समाद(cid:23)
शेयरपूंजी और खलु ी आरिPितय(cid:27) के योग के एक सौ (cid:22)ितशत से अनिधक रािश
उपधारा 2 के खंड (क) से (ड़)
*वीकार करती ह ै और ऐसी कंपनी इस (cid:22)कार *वीकृत रािश के Bयौरे
यथािविन-द. रीित से रिज*Dार को फाइल करेगी।
7. अ5याय 7, धारा 101 से 107 लागू होगी जब तक (cid:4)क संबंिधत धाराT या कंपनी के अन:ु छेद(cid:27) म% कोई अ(cid:11)यथा
और धारा 109 उपबंध न हो।
8. अ5याय 7, धारा 117 क(cid:17) लाग ू नह3 होगी।
उपधारा 3 का खंड (छ)
9. अ5याय 10, धारा 141 क(cid:17) इस उपांतरण के साथ लागू होगी (cid:4)क “बीस से अिधक कंपिनय(cid:27)” शBद(cid:27) के पUात ्
उपधारा 3 का खंड (छ) “एक सौ करोड़ Kपए से कम समाद(cid:23) शेयरपूंजी वाली एकल Wि(cid:26) कंपिनय(cid:27),
िनिXYय कंपिनय(cid:27), छोटी कंपिनय(cid:27) और (cid:22)ाइवेट कंपिनय(cid:27) के िसवाय” शBद रख े
जाएंगे।
10. अ5याय 11, धारा 160 लाग ू नह3 होगी।
11. अ5याय 11, धारा 162 लाग ू नह3 होगी।
12. अ5याय 12, धारा 180 लाग ू नह3 होगी।
13. अ5याय 12, धारा 184 क(cid:17) इस अपवाद के साथ लाग ू होगी (cid:4)क िहतबZ िनदेशक अपना िहत (cid:22)कट करन े के
उपधारा (2) पUात् ऐसे अिधवेशन म % भाग ले सकत े ह।/
14. अ5याय 12, धारा 185 ऐसी (cid:22)ाइवेट कंपनी पर लाग ू नह3 होगी-
(क) िजसक(cid:17) शेयर पूंजी म % (cid:4)कसी कारपोरेट िनकाय न े िविनधान नह3 (cid:4)कया
हो;
(ख) य(cid:4)द ऐसी कंपनी पर ब/को या िव(cid:23)ीय सं*थान(cid:27) या अ(cid:11)य (cid:4)कसी
कारपोरेट िनकाय से उधार उसक(cid:17) समाद(cid:23) शेयर पूंजी के दगु ुन े या पचास
करोड़ Kपए, जो भी कम हो; और
(ग) ऐसी कंपनी न े इस धारा के अधीन लेन-देन के समय िवLमान उधार
के (cid:22)ितसंदाय म % कोई चूक नह3 क(cid:17) हो।
15. अ5याय 12, धारा 188 दसू रे लाग ू नह3 होगी।
परंतुक क(cid:17) उपधारा (1)
16. अ5याय 13, धारा 196, लाग ू नह3 होगी।
उपधारा (4) और उपधारा (5)¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
2. (cid:22)ाइवेट कंपिनयां उपयु4(cid:26) सारणी के *तंभ (3) म% यथािविन-द. अपवाद(cid:27), उपांतरण(cid:27) और अनुकूलन(cid:27) का
अनुपालन करते (cid:31)ए अपन े शेयरधारक(cid:27) के िहत(cid:27) क(cid:17) सरु Pा सुिनिUत करेगी।
3. कंपनी अिधिनयम, 2013 क(cid:17) धारा 462 क(cid:17) उपधारा (2) क(cid:17) अपेPानुसार इस अिधसूचना क(cid:17) एक (cid:22)ित
संसद के दोन(cid:27) सदन(cid:27) के समP (cid:22)ा[प [प म % रखी गई ह।ै
[फा. सं. 1/1/2014-सीएल-V]
अमरदीप \सह भा]टया, संयु(cid:26) सिचव
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 5th June, 2015
G.S.R. 464(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 of the Companies Act, 2013 (18 of 2013), 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 private company, namely:—
Serial Chapter/ Section number/ Exceptions/ Modifications/Adaptations
number Sub-section(s) in the
Companies Act, 2013
(1) (2) (3)
1. Chapter I, sub-clause (viii) of Shall not apply with respect to section 188.
clause (76) of section 2.
2. Chapter IV, section 43 and Shall not apply where memorandum or articles of association of
section 47. the private company so provides.
3. Chapter IV, sub-clause (i) of Shall apply with following modifications:—
clause (a) of sub-section (1)
In clause (a), in sub-clause (i), the following proviso shall be
and sub-section (2) of section
62. inserted, namely:—
Provided that notwithstanding anything contained in this sub-
clause and sub-section (2) of this section, in case ninety per
cent. of the members of a private company have given their
consent in writing or in electronic mode, the periods lesser than
those specified in the said sub-clause or sub-section shall apply.
4. Chapter IV, clause (b) of sub- In clause (b), for the words “special resolution”, the words
section (1) of section 62. “ordinary resolution” shall be substituted.
5. Chapter IV, section 67. Shall not apply to private companies -
(a) in whose share capital no other body corporate has invested
any money;
(b) if the borrowings of such a company from banks or
financial institutions or any body corporate is less than twice its
paid up share capital or fifty crore rupees, whichever is lower;
and
(c) such a company is not in default in repayment of such
borrowings subsisting at the time of making transactions under
this section.
6. Chapter V, clauses (a) to (e) Shall not apply to a private company which accepts from its
of sub-section (2) of section members monies not exceeding one hundred per cent. of
73. aggregate of the paid up share capital and free reserves, and4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
such company shall file the details of monies so accepted to
the Registrar in such manner as may be specified.
7. Chapter VII, sections 101 to Shall apply unless otherwise specified in respective sections or
107 and section 109. the articles of the company provide otherwise.
8. Chapter VII, clause (g) of Shall not apply.
sub-section (3) of section
117.
9. Chapter X, Clause (g) of sub- Shall apply with the modification that the words “other than one
section (3) of section 141. person companies, dormant companies, small companies and
private companies having paid-up share capital less than one
hundred crore rupees” shall be inserted after the words “twenty
companies”.
10. Chapter XI, section 160. Shall not apply.
11. Chapter XI, section 162. Shall not apply.
12. Chapter XII, section 180. Shall not apply.
13. Chapter XII, sub-section (2) Shall apply with the exception that the interested director may
of section 184. participate in such meeting after disclosure of his interest.
14. Chapter XII, section 185. Shall not apply to a private company -
(a) in whose share capital no other body corporate has invested
any money;
(b) if the borrowings of such a company from banks or
financial institutions or any body corporate is less than twice of
its paid up share capital or fifty crore rupees, whichever is
lower; and
(c) such a company has no default in repayment of such
borrowings subsisting at the time of making transactions under
this section.
15. Chapter XII, second proviso Shall not apply.
to sub-section (1) of section
188.
16. Chapter XIII, sub-sections (4) Shall not apply.
and (5) of section 196.
2. The private companies, 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. 1/1 /2014-CL.V]
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.