MCA:
MCA has notified the much awaited Exemptions to Private Limited Companies under the provisions of the Companies Act, 2013. The Central Government, in the interest of public, directs that certain provisions of the Companies Act, 2013, shall not apply or shall apply with such exceptions, modifications and adaptations. Effective 5th June, 2015, followings exemptions will be enjoyed by the Private Companies:
a) Section-180- Borrowing – Not Applicable
b) Section 160- Deposit of One Lacs – Not Applicable
c) Section 179 & its rules – Filling of various Board resolutions – Not applicable
d) Section 185—- Provisions shall not apply if :
i) in whose share capital no other body corporate has invested.
ii) If borrowing of Private Limited from Bank/ FIIs/ Body Corporate is less than Twice of Paid Up Capital or 50 Crore (which ever is lower)
iii) Such co has not defaulted in repayment of borrowings subsisting at the time of making such transactions
e) Section 188 second proviso —-for OR by general meeting not applicable
f) Section 196(4) and (5) — Schedule V and Section V — not applicable
g) Section 141(3)(g) —- Appointment of Auditor—Limit of 20 Company does not cover — OPC, Dormant, SMALL co, & Private Limited with Paid Up Capital Less than 100 Crores
h) Section 101 to 107, 109– if stated in Section or as per Articles
i) Section 73(2) – Deposits– shall not apply where the Private Limited accepts from its members monies not exceeding 100% of paid Up & Free Reserves & such Company shall file the details to ROC as specified.
j) Section 62– right Issue — Partial Relief that it could be done in less than 15 days and notice to be send by prescribed mode and consent of 90% shareholders is being received,
k) Section 2(76)(viii)– holding & subsidiary – for 188 not applicable
MCA
MCA has notified the Exemptions to Government Companies from the provisions of the Companies Act, 2013. These exemptions were much in demand by the Government companies as they used to enjoy various exemptions under Companies Act, 1956. The Central Government in supersession of notifications issued under Section 620 of the Companies Act, 1956 notified exemptions to be enjoyed by the Government Companies effective 5th June, 2015.
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