Plethora of Exemptions to Government Companies!! - Corporate Law

6/16/2015 Plethoraofexemptionstogovernmentcompanies!!CorporateLaw

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Plethoraofexemptionstogovernmentcompanies!!

Ever since the draft notifications were placed before the Parliament, companies have been eagerly waiting for the approval and promulgation of the same. Finally theexemptionnotificationssawthelightofdaywithMCAreleasing4exemptionnotificationsinbulkonJune05,2015.Amongthefournotifications,onenotificationpertainstoGovernmentCompanies(Govt.cos.)whereintheCentralGovernment(CG)inthepublicinteresthascomeoutwithsomeexemption/modification/exception/adaptationtocertainprovisionsofCompaniesAct,2013(Act)forGovt.cos.

Wediscusshereinbelow,theexemptions&modificationsinbrief:

Sl.No. Section Exception/Modification/Adaptations Impact Remark

1

Chapter II Section 4Clause(a)

(Memorandum)

To be Omitted: In case of a publiclimited company, or the last wordsPrivate Limited in the case of aprivatelimitedcompany:

TheMemorandumof all companiesshall state thename of thecompany with lastwordLimited.

Privatecompany willnot have towrite Privatelimited.

2

Chapter IV, Section 56Subsection1

(Transfer andtransmission ofsecurities)

To Be inserted after proviso: TheconditionwithrespecttostampingandexecutionofGovt. bonds is no longerapplicabletoaGovt.co.

Only an intimation by the transfereespecifying his name, address andoccupation, if any is made to thecompany along with the certificaterelatingtothebondshallsuffice.

If no such certificate is in existenceletter of allotment of bond shall beannexed.

Provided also that the provisions ofthis subsection shall not apply to aGovt co. in respect of securities heldbynomineesofthegovt.

Compliancenormsfor Govt. bondhave beenrelaxed.

3

ChapterVII, Section 89&90

(Declarationinrespectofbeneficial

interestinanyshare)

(Investigation ofbeneficial ownership ofsharesincertaincases.)

Exemption:

1. No declaration form is requiredto be filed in respect ofbeneficial interest held in thesharesofaGovt.co.

2. No need to appoint competentperson to investigate beneficialownershipforGovtcos.

Unnecessarycomplianceprocedure hasbeenremoved.

Sincedeclarationof beneficialinterest neednot bedisclosed,theinvestigationof the sameshallalsonotapply.

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5 Chapter VII, Section96,subsection(2)

Modification: Govt. cos. can holdAnnual General Meeting with CGapprovaloutsidethecity,villagewheretheregisteredofficeofthecompanyissituated.

General Meetingnorms have beenrelaxed.

6

Chapter VIII, Section123,second proviso tosubsection(1)

(Declarationofdividend)

Exemption:Govt. co. in which entiresharecapital isheldbytheCGoranystategovernment (SG)orby theCGandoneormoreSG.

Governmentcannot declaredividendtoitself.

7

Chapter VIII, Section123,second proviso tosubsection(4)

(Declarationofdividend)

Exemption:Govt. co. in which entiresharecapital isheldbyCGoranySGby theCGand one ormoreSG shallneed not deposit amount of dividendincludinginterimdividendinaseparatescheduledbankaccountwithin5daysofdeclarationofsuchdividend.

Governmentcompanieswith noshares beingheld by anyoutsider,shall nothave tofollow theperfunctorydividenddistributionsystem.

8ChapterIX,Section129

(FinancialStatements)

Exemption: CG has exempted therequirement of section 129 i.e.,financial statement to the extent ofapplication of AS17 (SegmentReporting) to thecompaniesengagedindefenceproduction.

Reporting underAS17shallnotberequiredanymore.

PreviouslySection 129was also notapplicable toInsurancecompany,Electricitycompany,and Bankingcompany

9

Chapter IX, Section134,subsection(3),clause(e)

(Financial Statements &BoardsReportetc.)

Exemption: Board of director of govtcompany shall not be required tosubmit a report on companys policyon directors appointment andremuneration including criteria fordetermining qualifications, positiveattributes, independence of a directorandothermattersatitsAGM.

Self disclosure isnolongerrequiredas in Govt. cos.generally directorsare identified andappointed by theGovt.itself.

Govt hasbeen easingoutunnecessarycomplianceprovisions.

10

Chapter IX, Section134,subsection(3),clause(p)

(Financial Statements &BoardsReportetc.)

Exemption: If director are evaluatedby Ministry or Department of CentralGovernmentwhich isadministrative incharge of the company or by the SGas per its own evaluationmethodology, the Board of Directorsshall not be required to attach to theBoards Report, the manner in whichformal evaluation has been made bytheboard.

11Chapter XI, Section 149(1)(b)and1stprovisoofsubsection(1)

Exempted: Requirement of specialresolution forappointmentofdirectorsmorethan15isremoved.

Now govtcompany canappointmore than15 directorswithout passingspecialresolution.

Similarexemptionhas alsobeengrantedto Section 8companies.

12

Chapter XI Subsection(6)Clause(a)ofSection149

Modification: To be qualified as anIndependent director he must beopinedby the MinistryorDepartmentof Central Government/stategovernmentwhichisadministrativelyin

Identification andappointment bythe Board is not



(CompanytohaveBoardofDirectors)

charge of the company that he is aperson of integrity and possessrelevantexpertiseandexperience.

required.

13

Chapter XI Section 149Subsection(6)Clause(c)

(CompanytohaveBoardofDirectors)

Exemption: To be an independentdirector of a Govt. co. any pecuniaryrelationshipwith company, its holdingsubsidiary or associate company, ortheir promoters or directors is notrelevant.

He can beappointed as anindependentdirectoreven if hehas pecuniaryrelationship withsuch companiesor person at anyperiodoftime.

14

Chapter XI Section 152subsection(5)

(Appointment ofDirectors)

Exemption:If appointmentofdirectorismadebyCG,consentofdirectorcanbe filed beyond 30 days and noexplanatory statement need to beattachedforsuchappointment

Explanatorystatement forsuchdelayinfilingshall not berequired

Companycan file thereturn ofappointmentevenafter30days.

15

Chapter XI Section 152subsection(6)&(7)

(Appointment ofDirectors)

Exemption:Theprovisionofperiodofoffice for rotational director andprovision for retirement is no longerapplicable togovtcompanies inwhichentire paid up share capital held byCG/SGorCGandoneormoreSGc.

Or a wholly owned subsidiary of aGovt.co.

Applicable to allother publiccompanies.

16

ChapterXISection160

(Rightof

persons other thanretiringdirectorstostandfor

directorship)

Exemption: The provision of sending14 days prior notice along withdepositingmoneyofRs.1 lacetc.arenot required for application of freshcandidature as director to govt. co. inwhichentirepaidupsharecapitalheldby CG/SG or CG and one or moreSGs.

Or a wholly owned subsidiary of aGovt.co.

The provision hasbeen madeinapplicable forprivatecompanies

Outsiderscannotpropose fordirectorshipingovernmentownedcompaniesanymore.

17

ChapterXISection162

(Appointment ofdirectors to be votedindividually)

Exemption: The requirement singleresolution for appointment of eachdirector or where more than onedirectors are appointed by a singleresolutionwithout a voteagainst suchmotionisnotrequiredforapplicationoffresh candidature as director to govtcompanies in which entire paid upshare capital held by CG /SG or CGandoneormoreSGs.

Or a wholly owned subsidiary of aGovt.Co.

One or moredirectors can beappointed by asingleresolutioninsuch govtcompanies inwhich entire paidup share capitalheld by CG /stategovt or CG andone ormore stategovts.

Orawhollyownedsubsidiary of agovtcompany

18

ChapterXISection163

(Option to adoptprincipleof

proportional

representationfor

appointmentofdirectors)

Exemption: Govt Company in whichentirepaidupsharecapitalheldbyCG/SGorCGandoneormoreSGs.

Orawhollyownedsubsidiaryofagovtcompanyshallnot required toappointdirectors through principle ofproportionalrepresentation.

Govt cos. notrequired toappoint directorsthrough principleof proportionalrepresentationEven if article ofgovt companystatessuch.



19 Chapter XI Section 164SubSection(2)

Exemption:Disqualification pertainingtoaCompany:

a. which has not filed financialstatementsorannualreturnsforany continuous period of 3financialyears

b. orwhichhas failed to repay thedeposits accepted by it or payinterest thereon or to redeemanydebenturesontheduedateor pay interest due thereon orpay any dividend declared andsuch failure to pay or redeemcontinuesfor1yearormore.

Thedisqualificationshall not render adirector ineligiblefor appointment ina governmentownedcompany

20

ChapterXISection170

&Section171

(Register of directorsand key managerialpersonnel and theirshareholding)

(Members right toinspect)

Exemption:Govt.Cos.inwhichentirepaidupsharecapitalheldbyCG/StateGovernment or CG and one or moreState Governments need not keep atits registered office a registercontainingdetailsofsecuritiesheldbyits directors and key managerialpersonnel in the company or itsholding, subsidiary, fellow subsidiariesorassociatecompanies.

Register ofdirectors and keymanagerialpersonnel andtheir shareholdingunderSection170need not bemaintained.

Since, theregister willnot bemaintained,the questionof inspectingthesameu/s171 alsodoes notarise.

Although theSection hasbeen madeinapplicablealtogether. Itisdoubtfulasto whetherfiling of DIR12isalsonotrequired.The intent ofthe lawmaker couldnot havebeen toexempt DIR12.

22

ChapterXIISection177Subsection(4)Clause(i)

(AuditCommittee)

Modification: The wordrecommendation, for appointment,remuneration and terms ofappointment replaced with wordsrecommendationforremuneration

Now AuditCommittee ofGovernmentCompanies willonly recommendremuneration ofauditors and notappointment ofand terms of theirappointment.remunerationonly.

Scope ofAuditCommitteehas beennarrowed.

23

Chapter XII Section 178Subsection(2)(3)&(4)

Nomination andRemunerationCommittee

Modification: Nomination andRemunerationCommittee(NRC)ofaGovt.Co.willnotformulateanycriteriafor determining qualification, positiveattributes, independence of directorand recommend to theboardapolicyrelating to remuneration of directorsand key managerial personnel other

Powerof theNRCis now restrictedonly toappointment ofSeniorManagementPersonnel andotheremployee.

Since theidentificationandappointmentofdirectorsisto be doneby the CG,the scope of



than for appointment of SeniorManagement Personnel and otheremployees.

NRC hasbeenrevised.

24ChapterXIISection185

(LoantoDirectors,Etc)

Exemption: Government Companiesnowcangive loan to itsdirectorsandperson in whom such director isinterested and can give guarantee orprovide security in respect of loantaken by such person with priorapproval ofMinistry or Department ofCGwhich isadministratively inchargeof company or State Government asthecasemaybe.

GovernmentCompanies nowcan give loan orgive anyguarantee orprovide securitywith priorapproval.

This is amajorchange.Even privatecompaniesare notcompletelyout of theambit of theSection.

25

ChapterXIISection186

(Loan and InvestmentMadeByCompany)

Exemption: Govt. Cos. engaged indefence production and Govt. Cos.other than listed companies can giveany amount of loan or guarantee orsecurity to any person or bodycorporateandcanacquiresecuritiesofany other body corporate if suchcompany obtains prior approval ofMinistryorDepartmentofCGwhichisadministratively in charge of companyorStateGovernmentasthecasemaybe.

Any amount ofloanorInvestmentcan made if priorapproval isundertaken beforesuch loan orinvestment isbeingmade.

Otherprovisioncontained insaid sectionbecomesineffectiveforsuch eligiblecompanies.

26

ChapterXII 1st and 2ndprovisotoSection188

(Related PartyTransaction)

Exemption:

The section shall not apply to thefollowing:

a. WhereaGovernmentCompanyhas entered in to a contract orarrangementwithanotherGovt.Coor

b. a Govt. Co. other than a listedcompany entered in to acontract or arrangement withany other person with priorapprovalMinistryorDepartmentofCentralGovernmentwhich isadministratively in charge ofcompany or State Governmentasthecasemaybe.

TransactionbetweenGovernmentCompanies ismade easier byeasing outcompliancenorms.

For suchtransactions,priorapproval ofmember byspecialresolution isnot requiredirrespectiveof amountinvolvedtherein.

27

Chapter XII Section 196Section(2)(4)&(5)

(Appointment ofManaging Director,Whole time Director orManager)

Exemption:

a. Govt. Co. can appoint orreappoint a whole time directoror managing director ormanager for a term exceeding5yearsatatime

b. Also approval of Board andShare holders at next AnnualGeneral Meeting for terms andcondition of appointment,

a. Whole timedirectors,managingdirectorsandmangers ofa Govt. Co.can beappointedorreappointedfor a termexceeding 5years attime.

b. Governmenthas doneaway with

Appointmentofmanagerialpersonnel isno moresubjecttothecompliancesof Section196.



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remuneration is no longerrequired.

requirementof approvalof boardand itssubsequentratificationby shareholders.

28

ChapterXIISection197

(Overall maximummanagerialremuneration andmanagerialremunerationinabsenceorinadequacyofprofits)

Exemption: Government Companiesare can give any amount ofremuneration to its directors even ifthereislossorinadequateprofit.

Government hasdone away withceiling limits ofoverall maximummanagerialremuneration.

Govt. Co.DirectorsandKMPs shallnow enjoyfulsomeremunerationirrespectiveof the profitmakingcapacity ofthecompany.

29

Chapter XII Section 203SubSection(1)(2)(3)&(4)

(Appointment of KeyManagerialPersonnel)

Modification: The provision of Subsection(1)(2)(3)&(4)ofSection203willnotapplytoaManagingdirectororChief Executive Officer or Managerand in their absence a Whole timeDirectorofGovernmentCompany.

Appointment ofKMPsshall notbesubject to theminimum numberofofficesheldandthe time period ofappointmentsubsequent to avacationofoffice.

Govt. Co.KMPs cannow beappointed asa KMP inmore thanone Govt.Co.

30

Chapter XXIX Section439SubSection(2)

(Offence to be noncognizable

Modification: Court will takecognizanceofoffencewhichisallegedtohavebeencommittedbyacompanyor any officer thereof if compliant ismadeinwritingbyapersonauthorisedbyCG.

Courtwill not takecognizance ofoffence ifcompliant ismadebytheRegistrarora shareholder ofCompany.

ThepowerofSEBI tocomplainagainst thecompany orany of itsofficersrelating tooffence ofissue andtransfer ofsecuritiesand nonpayment ofdividend hasbeenretainedintactincaseofGovt.cos.

Whereatonesidetheprivatecompanyexemptionnotificationwasutterlydisappointing,thepartialGovernmentseemstohavebestowedallitsaffectiononitsownentities.Abalance of grace on either side would have been a more welcome step. On one hand administrators are unnecessarily burdening the private entities with senselesscompliances,attheotherhandGovernmententitiesarebeingrelievedofmajorcompliancerequirements.

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komal(../profile.asp?member_id=1451080)13June2015

Thanksforthisinformation.

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Plethora of Exemptions to Government Companies!! - Corporate Law