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ITO BE PUBLISHED IN THE GAZE-TTE OF INDIA, EXTRAORDINARY, PART II,SECTION 3, SUB.SECTION (i)]

GOVERNMENT OF INDIAMINISTRY OF CORPORATE AFFAIRS

NOTIFICATIONNew Delhi' the /-//' 'Ji't' 7o"

G.S.R. _

(E). - In exercise of the powers conferred by clauses (a) and (b) ofsub-section (1) of section 462 and in pursuance of sub-section (2) of saidsection of the Companies Act, 2013 (18 of 2013), the Central Government, inthe interest of public, hereby directs that certain provisions of the CompaniesAct, 2013, as specified in column (2) of the Table, shall not apply or shall applywith such exceptions, modifications and adaptations, as specified in column (3)of the said Table, to a private company, namely:-

Chapter/section{s)

Section number/ Sub-in the Companies Act, 2013

Chaptcr l, sub-clause of clause6l of section 2.

Chapter IV. section 43 and section 47.

Chapter IV, sub-clauseof sub-section (1) andof section 62.

(i) of clause (a)sub-section (2)

Shall apply with followingmodifications:-

In clause (a), in sub-clause(i), the following provisoshall be inserted, namely:

Provided thatnotwithstanding anythingcontained in this sub-clauseand sub section (2) of thissection, in case ninety percent. of the members of aprivate company have given

Serialnumber

Exceptions/ Modifications/Adaptations

Shall not apply with respectto section 188.Shall not apply wherememorandum or articles ofassociation of the privatecomDanv so orovides.

their consent in writins or

in electronic mode, theperiods lesser than thosespecilied in the said sub-clause or sub-section shallapply,

4. Chapter IV, clause (b) of sub-section(1) of section 62.

In clause (b), for the words"special resolution", thewords "ordinary resolution"shall be substituted.

5. Chapter IV, section 67. Shall not apply to privatecompanies -(a) in whose share capital noother body corporate hasinvested any money;

(b) if the borrowings of sucha company from banks orfinancial institutions or anybody corporate is less thantwice its paid up sharecapital or hfty crore rupees,whichever is lower; and

(c) such a company is not indefault in repayment oIsuch borrowings subsistingat the time of makingtransactions under thissection.

6. Chapter V, clauses (a) to {e) of sub-section (2) of section 73.

Shall not apply to a privatecompany which acceptsfrom its members moniesnot exceeding one hundredper cent. of aggregate of thepaid up share capital andfree reserves, and suchcompany shall file thedetails of monies soaccepted to the Registrar insuch manner as may bespecilled.

7. Chapter VII, sections 1Ol to 107 andsection 1O9.

Shall apply unless otherwisespecined in respectivesections or the articles ofthe company provideotherwise.

8. Chapter VII, clause (g) of sub-section(3) of section 117.

Shall not apply.

9. Chapter X, Clause (g) of sub-section(3) of section 141.

Shall apply with themodifrcation that the words"other than one personcompaniesr dormantcompanies, smallcompanies and privatecompanies having paid-upshare capital less than onehundred crore rupees" shallbe inserted after the words"twentlr companies".

10. Chapter XI, section 160. Shall not apply.

11. Chapter XI, section 162. Shall not app1y.

12. Chapter Xll, section 180. Shall not apply.

13. Chapter XII, sub-section (2) of section184.

Shall apply with theFv.F6fi^h rh.i thainterested director mayparticipate in such meetingafter disclosure of hisinterest.

14. Chapter Xll, section 185. Shall not apply to a privatecompany -

(a) in whose share capital noother body corporate hasinvested any money;

(b) if the borrowings ofsuch a company from banksor financial institutions orany body corpolate is les_q

than twice of its paid upshare capital or fifty crorerupees, whichever is lower;and

(c) such a company has nodefault in repayment ofsuch borrowings subsistingat the time of makingtransactions under thissect1()n.

15. Chapter XIl, second proviso to sub-section (1) of section 188.

Shall not apply.

16. Chapter XIII, sub-sections (a) and (5)of section 196.

Shall not apply.

2. The privatemodifications andTable, shall ensure

companies, while complying with such exceptions,adaptations, as specified in column (3) of the aforesaidthat the interests oI their shareholders ar orotected.

3. A copy of this notification has been laid in draft before both Houses ofParliament as required by sub-section (2) of section 462 of the Companies Act,2013.

lF No 1/ 1 l2or4-cL.vl

Joint Secretary to the Government of India

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