, Amendment in Exemptions notification to Section 8 Companies ~ CS GAURAV SHARMA

Friday, June 16, 2017

Amendment in Exemptions notification to Section 8 Companies

The Ministry of Corporate Affairs vide its notification dated 13th June, 2017 has amended the notification no. G.S.R. 466(E) dated 5th June, 2015 (hereinafter referred as principal notification).
With this notification, the principal notification has been amended in respect of the Section 8 Companies as under:
1. In the principal notification, in the Table, for the serial number 8 and the entries relating thereto,
sub-section (1)  of section 149 and the first proviso to Sub section (1)
Shall not apply.
The serial number and the entries relating thereto shall be substituted as under
Clause (b) and first proviso to subsection(1) of Section 149
Shall not apply.
2.  In the principal notification, after serial No. 19 the following serial number and the entries relating thereto shall be inserted as under:
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.".

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 of
the said Act or annual return under section 92 of the said Act with the Registrar.

The amendment notification is available on the following link:

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