Exemption of Government Company 13 06 2017


The Ministry of Corporate Affairs vide its notification dated 13th June, 2017 has amended the notification no. G.S.R. 463(E) dated 5th June, 2015 (hereinafter referred as principal notification).

With this notification, the principal notification has been amended in respect of the Government Companies as under:

(1) In the principal notification, in the Table, for serial number 5 and the entries relating thereto,

“5

Chapter VII, sub-section (2) of section 96

In sub-section (2), for the words "such other place within the city, town or village in which the registered office of the company is situate”, the words “such other place as the Central Government may approve in this behalf' shall be substituted.”

 

The serial number and the entries relating thereto shall be substituted, as under:                 

“5

Chapter VII, sub-section (2) of section 96

In sub-section (2), for the words "such other place as the Central Government may approve in this behalf', the words "such other place within the city, town or village in which the registered office of the company is situate or such other place as the Central Government may approve in this behalf' shall be substituted.”

 

(2) In the principal notification, in the Table, for serial number 15 and the entries relating thereto,

“15

Chapter XI, sub-section (6) and (7) of section 152.

Shall not apply to -

(a) a  Government company, in which the entire paid up share is held by the Central Government, or by any State Government or Governments or by the Central Government and one or more State Governments;

(b) a subsidiary of a Government company, referred to in (a) above, in which the entire paid up share capital is held by that government company.”

 

 

 The following serial number and the entries relating thereto shall be substituted, namely:-

“15

Chapter XI, sub-section (6) and (7) of section 152.

 Shall not apply to

(a) a  Government company, which is not a listed company, in which not less than fifty-one per cent paid up share capital is held by the Central Government, or by any State Government or Governments or by the Central Government and one or more State Governments;

(b) a subsidiary of a Government company, referred to in (a) above.".

 

 

(3) In the principal notification, in the Table, after serial number 29, the following serial number and the entries relating thereto shall be inserted, namely:-

“29A

Chapter XV, section 230 to 232.

For the word " Tribunal, wherever it occurs, the words "Central Government,” shall be substituted.”.

 

(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 Government company which has not committed a default in filing its financial statements under section 137 of the said Act or annualreturnundersection 92 of the said Act with the Registrar.


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