MCA:
MCA has notified various exemptions to the Private Limited Companies vide notification dated 5th June, 2015. MCA has come out with further exemptions and notified the amendments to the principal notification dated 5th June, 2015. All one person company, small company, dormant Company, private company (if such private company is registered as a start-up) not to include the cash flow statement with its financial statement. Further, the private Company can now accepts deposits from its members, not exceeding one hundred per cent. of aggregate of the paid up share capital, free reserves and securities premium account and all start-up companies can accept deposits, for five years from the date of its incorporation or other companies which fulfills certain conditions. Partial relief under section 92(1)(g) for small companies have been given as they have to only show aggregate amount of remuneration drawn by their directors only, earlier KMP were also included. Exemptions are also provided from the provisions of Section 143(3)(i) w.r.t comment in the Auditors Report on Adequate Internal Financial Controls system, to One Person Company or Small Company and to Private Company, if its turnover is less than Rs. 50 Crores or borrowings are less than Rs. 25 Crores.
MCA
MCA has notified various exemptions to the Government Companies vide notification dated 5th June, 2015. MCA has come out with further exemptions and notified the amendments to the principal notification dated 5th June, 2015. One of the much needed exemption now provided through this amendment is relating to the place of Annual General Meeting with in the city, town or village in which the registered office of the company is situate or such other place as the Central Government may approve in this behalf. All powers of Tribunals as provided under the provisions of the Section 203-232 shall be exercised by the Central Government. Further, all Government Companies and its subsidiaries are now exempted from the provisions of Section 152(6) & (7) w.r.t retirement of directors by rotation.
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