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MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 5th June, 2015

G.S.R. 466(E).-In exercise of the powe6 conferred by clauses (a) and (b) of sub-section (l) ofSection 462 and in pursuance of sub-scction (2) of said Section read with Section 8 ofthe Companies Acl,2013 (l8 of 2013), and in supersession ofnotifications issued under section 25 ofthe Companies Act, 1956 (l.f !q56\.y.en, ac.-"-^^rc,hin^c A^6- ^t ^ntn.A b he rln"^ rv,r^rA.,,^h c,.narcaaci^n rha aF.ralGovemm€nt in the interest of public, hereby directs that oertain provisions ofthe Companies Act,2013, asspecilied in column (2) of the labie, shail not apply or shall apply with such exceptions, nodifiootions andadaptations, as speoificd in column (3) ofthe said Teble, to a body to which a licence is granted under theprovisions ofthe aforesaid Secrion 8, namely'

Sc alNlmber

Provisions of th€ Act Erceptions, Modilicationr end Adrpt.iions

(t) (2) (3)

I Clause (24) ofsection 2- The provisions ofclause (24) ofsection 2 shall not apply.

2. Clause (68) ofsection 2. The requirehent of having minimun) paid-up share capitalshallnot apply.

3. Clause (71) of section 2. The rcquirement of having minimum paid-up share capitalsh4Ll uot apply.

4. Sub-section (2) of section 96. ln sub-section (2), after the proviso and before theexplanation, the following proviso shall be inserted, namely:-

Provided further that th€ time. alate and Dlace of each annualgeneral meeting arc decided upon b€forc-hand by the boardof directors having rcgard to the directions, if any, given inlhis regard by the company in its general meeting.

5. Sub-scclion (l) of seltionl0l.

In sub-section (l), for the \rords "twenty one days", thewords "fourtem days" shall be substituted.

6. Soction I18. The scclion shall not apply as a whole cxcept tiat minutesmay be reoorded within lhirty days of the conclusion ofevery meoting in case of companies where the articles ofassociation providc for confirmation of minutes bycirculation.

1. Sub-section (1) of section136.

In sub-section (l), for the words "twenty one days", thewords "fou een days" shall be substituted.

8. Sub-scction (l) ofs€ction 149and the first proviso to sub-section (1).

Shall notapply.

THE OAZETTE OF INDIA: EXTRAORDINARY IPARr JI._SEC.l(il

9. Sub-sections (4), (5), (6), (7),(8), (9), (10), (ll), clause (i)of subsection (12) and sub-section (13) ofs€ction 149.

Shall not apply.

t0. Section 150. Shall not apply.

tl Proviso to sub-section (5) ofsection 152.

Shall not apply.

12. S€ction 150. Shall not apply to companies whose articles provide foielection ofdirectors by ballot.

t3. Sub-seqtion (1) of section 165. Shall not apply.

t4. Sub-section (l) of section 173 Shall apply only to the extent that the Board of Dire.tors, ofsuch Compani€s shall hold at least one me€ting within everysix colendar months.

15. Sub-s€ction (1) of section 174. In sub-section (l ),--(a) for the words "one-third of its total sfength or two,li--r^4 {,tti^La--. ic l"idha."

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rnembers or trventy 11",e per cent. oi its totai strengthwhichever is less" shall be substitutedl

(b) the following proviso shall be inserted, namely:-

"Provided that the quorum shall not be less than twomembers".

16. Sub-s€ction (2) of section171.

The words "with independent directors forming a majority"shall be omifted.

t7. Section l?8. Shall not apply.

tE. Section 179. Matters rcferred to in clauses (d), (e) and (f) of sub-section(3) may be decided by th€ Boaxd by circulation instead ofata rneetrns,

19. Sub-seotion (2) of seotion184.

Shall apply only if the transaction with reference to section188 on the basis of terms and corditions of the conract orarangenent exce€ds one lakh rupees.

20. Sect'on 189. Shall apply only if the transaction with refcrence to section188 on the basis of terms and conditions of the contract orarmngement exce€ds one la&h rup€es.

2. The companies covered under S€ction 8 ofthe CornpaDies Act 2013, while complying with suchexceptions, modilioations and adaptations, as specified in column (3) ofthe aforesaid Table, shall ensure thatthe interests of their sharcholders are proteoted.

3. A copy ofthis notification has been laid in draft beforc both Hous€s of Parliament as required bysub-section (2) ofSection 462 ofthe Companies Aot, 2013.

lF. No. l/2/2014-CL.I]

AMARDEEP SNGII BI{ATIA, Jt. Secy.

Printcd by fie Ms''aser, Govemment of India f'resx Ring Road, Mayapuri, Ncw Dethi I t0064atrd Publish€d by tlc Conirollcr ofPublicaliors, Delhi-l10054.