MCA Updates From CS GAURAV and LALIT
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on
Companies ACT, 2013
Ministry of Corporate Affairs vide its
notification dated 13th July, 2017 brought out the following
notifications :
1.
Companies (Meetings of Board and its Powers) Second Amendment Rules 2017
In exercise of the powers conferred under sections
173, 175, 777, 178, 179, 784, 185, 186, 787, 188, 189 and section 191 read with
section 469 of the Companies AcL,2013 (18 of 2073), 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) Second 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 (hereinafter referred to as principal rules), in rule 3,-
(i) in sub-rule (3), for clause (e), the following shall be substituted,
namely:-
"("e”) Any director who intends to participate
in the meeting through electronic mode may intimate about such participation at
the beginning of the calendar year and such declaration shall be valid for one
year :
Provided that such declaration shall not debar him
from participation in the meeting in person in which case he shall intimate the
company sufficiently in advance of his intention to participate in person.".
(ii) in sub-rule (11), in clause (a), after the
words "decision taken by majority", the words "and the draft
minutes so recorded shall be preserved by the company till the confirmation of
the draft minutes in accordance with sub-rule (12)" shall be inserted.
3. In the principal rules, for rule 6, the following
rule shall be substituted, namely :-
"6. Committees
of the Board. - The Board of directors of every listed company and a
company covered under rule 4 of the Companies (Appointment and Qualification of
Directors) Rules, 2014 shall constitute an 'Audit Committee' and a 'Nomination
and Remuneration Committee of the Board'.".
Notification can be access at : http://www.mca.gov.in/Ministry/pdf/CompaniesMeetingBoardPowersSecondRules_14072017.pdf
2. Exemption to Private
Company (Corrigendum) :
In the notification of the Government of India, in
the Ministry of Corporate Affairs, published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (i) vide G.S.R. 583(E), dated
the 13th June,2017 at page 4, in paragraph number 5, in the Table,
in the column (3), in item (ii), for the words "statement or' read "statement and".
Change
Made:
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Provision
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Before amendment
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After Amendment
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Chapter
X, clause (i) of sub-section (3) of section 143.
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Shall
not apply to a private company:-
which
has turnover less than rupees fifty crores as per latest audited financial statement or which has aggregate
borrowings from banks or financial institutions or any body corporate at any
point of time during the financial year less than rupees twenty five crore.”.
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Shall
not apply to a private company:-
which
has turnover less than rupees fifty crores as per latest audited financial statement and which has aggregate
borrowings from banks or financial institutions or any body corporate at any
point of time during the financial year less than rupees twenty five crore.”.
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Notification dated 13th July, 2017 can be access at :
http://www.mca.gov.in/Ministry/pdf/NotificationxEmptionPrivateCompany_14072017.pdf
Link to access Notification vide G.S.R. 583(E) dated 13th
June, 2017 : http://www.mca.gov.in/Ministry/pdf/ExemptionPrivateCompanies.pdf
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