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3. di{$ qfufrqq, 2013 * ur{r 462 ff stTrrRT (2) ff qiqr{nR l{ erft(fir ff q6 yft {tr< * ffi ccrt h cqq ctsc Gq C (e .r€ *r [sr. d. 1/t/2014-ffqq-y] rqiff'q frE q-ri&r, its {R-{ MINISTRY OF CORPORAIT AFFAIRS NOTIFICATION New Delhi, the 5th June.20l5 G,S.R. 464(f,).-ln excrcise of the powers conferred by clauses (a) and (b) of sub,section (i) of scction 462 and in pursuance ofsub-section (2) ofsaid section ofrhe Companies Act, 2013 (18 of2013), the Central Govemmen! 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, mod;fications atuj adaptations, as specified in coluurii (3) oiile said 'l'ablc, to a private compaly, nameiy:- number Ch;rl;r/ \ertien rrrnl',rrl SuFsection(s) in the Companies Act,2013
(r) (2) (3) Clnpter I, sub-clause (viii) of claus€ (76) of scction 2.
Shall not apply with respect to s€ction 188.
2. Chapter lV, scction 43 and section 47.
Shall not apply wherc memomndum or articles ofassociation of the private company so provides.
3. Chapter IV, sub-clause (i) of clause (a) of sub-section (l) and sub-section (2) of section Shall apply with following modifications:- In clause (a), in sub-claus€ (i), the following proviso shall be inserted, namely:-
Provided that notwithstanding anything contained in this subclausc and sub-section (2) of this section, in case ninery per ccnt. of the memirers of a privale 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, cl.use (b) ofsubsection (1) ol section 62.
In claus€ (b), for the words "special resolution", the words "ordinary resolution" shall be substituted.
5. Chapter IV, section 67. Shall not apply to private companies -
(a) in whose share capital no othor body corporate has invested any mon€y;
(b) if lhe bonowings of such a company from banks or financial institutions or any body corpomte is less than twice its paid up share capital or fifty crore rupees, \r,hichever is lower;
and
(c) such a compary is not in default in repayment of such bonowings subGisting at the time of making tmnsactions under this section.
6. Chaptcr V, clauses (a) to (e) o[ sub-section (2) of section Shall not apply to a private company which accepts from its members monies not exce€ding one hundred per cent. of aggregate of the paid up share capital and free res€rves, and such company shal! file the details of moni€s so acc€pted to the Registra. in such manner as may be specified.
7. Chapt€r VII, sections l0l to 107 and section 109.
Shall apply unless other,,vise speoified in resp€ctive seotions or the articles ofthe company provide otherwise.
8. Chapter VIl, clause (g) of sub-section (3) of section I17.
Shall not apply.
9. Chapter X, Clause (g) of subsection (3) of section 1 4 I .
Shall apply with the modification thdt the words "other than on€ pe6on oompanies, dormant companies, small companies and private companies having paid-np sharc capital less than one hundred crore rupees" shall be insetted after the words 'lwenty comDanies",
10. Chapter XI, section 160. Shall not apply.
ll Chapter Xt, s€ction 162. Shall not apply.
12. Chapter XIt, section 180. Shall not apply.
ll. Chapter XII, sub-section (2) of section I 84- Shall apply with the exception that the inlerested director may participate in such meeting after disclosure ofhis intetest.
Siraii noi appiy ro a Frivai€ comFrny - (aj i,i qhose shai.: iapital no other bodJ inr-"riale has inv.<r,', any money;
(b) if the bonowings of suoh a company from banks or financial institlrtions or any body corporate is less than twic-e of its paid Dp share capital or fifty crore ruleesl whichevet is lowe.; and
(c) such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this section.
t5. Chapter XII, second prcviso to sub-section (l) of section ItE.
Shall not apply.
16. Chapter XIII, sub-sections (4) and (5) of section 196.
Shall not apply, GAZETTE INDIA I EXTRAORDINARY . 3(i)l Chaprer xii, se{rion i85
2. The privat€ companies, while complying.with such exceptions, modifications and adaptations, as specified in column (3) of thc aforesaid 'l'able, shall ensure that tbe interests of th€ shar€hold€rs are protecteal,
3. A copy ofthis notification has bee$ laid in dmft before both Houses of Parliament as required by sub-section (2) of section 462 ofthe Companies Act, 2013.
[F. No. 1/] /2014-cL.Vl AMARDF.EP SINGH BHATIA, Jt. Secy.
Printed by lhc Manager, Govcmment of India Prcss, Ring Road, Mayrpuri, Ncw Delhi- l 1006{ dd Publishcd by the Contolld of Publications, Dclhi-l 10054.