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 Summary of MCA Notification dated 13.06.2017 to give further exemptions private companies as per Section 462 of the Companies Act 2013
 Exemption to Private Companies u/s 462 of The Companies Act 2013 as per Ministry of Corporate Affairs Notifications Dated 5th June, 2015 and 13th June, 2017
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Summary of MCA Notification dated 13.06.2017 to give further exemptions private companies as per Section 462 of the Companies Act 2013
June, 21st 2017
Summary of Notification dated 13th June, 2017 to exempt private companies as per Section 462 of the Companies Act 2013

Serial Chapter/      Amendment          Section                                    Exceptions/ Modifications Remarks
number Section                                                                     /Adaptations
       number/ Sub-
       section(s) in
       the Companies
       Act, 2013
(1)           (2)                                                                                (3)
   1.    Chapter I, clause New          "financial statement" in relation to a     The proviso would apply as A Start up private
         (40) of section 2- Exemption   company, includes--                        under:-                         company       is     not
         Financial                            (i) a balance sheet as at the                                        required to include the
         Statement                                 end of the financial year;      Provided that the financial cash flow statement in
                                              (ii) a profit and loss account, or   statement, with respect to One the              financial
                                                   in the case of a company        Person     Company,       small statements
                                                   carrying on any activity not    company, dormant company
                                                   for profit, an income and       and private company (if such a
                                                   expenditure account for the     private company)s a start-up),
                                                   financial year;                 may not include the cash flow
                                              (iii) cash flow statement for the    statement;
                                                   financial year;
                                              (iv) a statement of changes in
                                                   equity, if applicable; and
                                              (v) any       explanatory     note
                                                   annexed to, or forming part
                                                   of, any document referred
                                                   to in sub-clause (i) to sub-
                                                   clause (iv):

                                             Provided that the financial
                                             statement, with respect to One
                                             Person     Company,       small
                                             company       and     dormant

                                                                1
                                                company, may not include the
                                                cash flow statement;
2.   Chapter V, clauses Amendment        (2) A company may, subject to the           Shall not apply to a private        (i) Substitution of the
     (a) to (e) of sub- notification            passing of a resolution in           company-                                Clause 6 in the 5th
     section (2) of incorporated                general meeting and subject to                                               June,         2015
     section 73.-                               such     rules   as    may     be    (A) which accepts from its              exemption
                         in the law
      


                                          prescribed in consultation with      members        monies       not         Notification to a
     Prohibition      on after further          the Reserve Bank of India,           exceeding      one     hundred          private company
     Acceptance       of modification           accept     deposits    from    its   percent of aggregate of paid            which provided for
     Deposits      from                         members on such terms and            up share capital, free reserves         exemption     from
     public                                     conditions,     including     the    and     securities    premium           accepting from its
                                                provision of security, if any, or    account; or                             members         not
                                                for the repayment of such                                                    exceeding 100%
                                                deposits with interest, as may       (B) which is a start-up, for five       of the paid up
                                                be agreed upon between the           years from the date of its              capital and free
                                                company and its members,             incorporation; or                       reservesto 100%
                                                subject to the fulfilment of the                                             of the paid up
                                                following conditions, namely:--      (C) which fulfils all of the            capital,       free
                                         (a) issuance of a circular to its           following conditions ; namely-          reserves       and
                                                members including therein a                                                  securities
                                                statement showing the financial      (a) which is not an associate           premium.
                                                position of the company, the         or a subsidiary company of
                                                credit rating obtained, the total    any other company                   (ii) Exemption      has
                                                number of depositors and the                                                  been provided to a
                                                amount due towards deposits          (b) if the borrowings of such a          Start up private
                                                in respect of any previous           company from banks or                    company for 5
                                                deposits accepted by the             financial institutions or any            years from its
                                                company and such other               body corporate is less than              incorporation.
                                                particulars in such form and in      twice of its paid up share
                                                such manner as may be                capital or fifty crore rupees,      (iii) Also,   exemption
                                                prescribed;                          whichever is lower; and                   has been provided
                                         (b) filing a copy of the circular along                                               to    a    private
                                                with such statement with the         (c) such a company has no                 company which is


                                                                 2
      Registrar within thirty days       default in repayment of such           not an associate
      before the date of issue of the    borrowings subsisting at the           or a subsidiary of
      circular;                          time of accepting deposits             a company,
(c) depositing such sum which shall      under this section.
      not be less than fifteen per                                              having borrowings
      cent. of the amount of its         Provided that the company              less than twice of
      deposits maturing during a         referred to in Clause (A), (B)         its paid up share
      financial year and the financial   or (C) shall file the details of       capital or Rs 50
      year next following, and kept in   monies accepted to the                 crorewhich ever is
      a scheduled bank in a separate     Registrar in such manner as            less
      bank account to be called as       may be specified.                      Default         in
      deposit    repayment reserve                                              repayment       of
      account;                                                                  borrowings is not
(d) providing such deposit insurance                                            subsisting at the
      in such manner and to such                                                time of acceptance
      extent as may be prescribed;                                              of deposits
(e) certifying that the company has
      not committed any default in                                          Some exemptions are
      the repayment of deposits                                             same      as   earlier
      accepted either before or after                                       Exemptions given to
      the commencement of this Act                                          private companies in
      or payment of interest on such                                        June,    2015  under
      deposits; and                                                         Section 185.
(f) providing security, if any for the
      due repayment of the amount
      of deposit or the interest
      thereon including the creation
      of such charge on the property
      or assets of the company:

     Provided that in case where a
     company does not secure the
     deposits or secures such


                       3
                                          deposits partially, then, the
                                          deposits shall be termed as
                                          ,,,,unsecured deposits and shall
                                          be so quoted in every circular,
                                          form, advertisement or in any
                                          document related to invitation
                                          or acceptance of deposits.
3.   Chapter        VII, New        (1)   Every company shall prepare a      Shall    apply   to  private Private      companies
     clause (g) of sub- Exemption         return (hereinafter referred to    companies which are small which         are    small
     section (1) of                       as the annual return) in the       companies as under:-         companies need to
     section        92-                   prescribed form containing the                                  disclose      aggregate
     Annual Return                        particulars as they stood on the   (g) aggregate amount of amount                    of
                                          close of the financial year             remuneration drawn by remuneration drawn by
                                          regarding--                             directors               directors.
                                          (g) remuneration of directors
                                                and     key     managerial                                    They need not give
                                                personnel;                                                    details of remuneration
                                                                                                              of all the directors and
                                                                                                              key           managerial
                                                                                                              personnel individually.
4.   Chapter       VII, New         Provided that in relation to One         The proviso shall apply as       In Start up companies,
     proviso to sub- Exemption      Person Company and small company,        under:-                          where there is no
     section (1) of                 the annual return shall be signed by                                      company secretary, the
     section 92-                    the company secretary, or where          Provided that in relation to     annual return may be
     Annual Return                  there is no company secretary, by        One Person Company, small        signed by the director
                                    the director of the company.             company     and    a   private   of the company.
                                                                             company(if    such     private
                                                                             company is a start-up), the
                                                                             annual return shall be signed
                                                                             by the company secretary, or
                                                                             where there is no company
                                                                             secretary, by the director of
                                                                             the company.


                                                           4
5.   Chapter X, clause    New         The auditors report shall also state     Shall not apply to a private Internal       Financial
     (i) of sub-section   Exemption   whether the company has adequate         company                      Reporting     is    not
     (3) of section                   internal financial controls system in                                 required by a private
     143.-                            place      and      the     operating    (i) which is a one person company which is a
     Powers        and                effectiveness of such controls;          company; or a small company; One Person company
     Duties of auditors                                                        or                           or a small company or
     and       Auditing
     Standards                                                                 (ii) which has turnover less        Which has Turnover-
                                                                               than rupees fifty crores as per     less than Rs 50 crore
                                                                               latest     audited      financial
                                                                               statement or which has              Borrowings- less than
                                                                               aggregate borrowings from           Rs 25 crore.
                                                                               banks or financial institutions
                                                                               or any body corporate at any
                                                                               point of time during the
                                                                               financial year less than rupees
                                                                               twenty five crore;




6.   Chapter XII, sub- New            A One Person Company, small              For    subsection     (5),    the Start up companies are
     section (5) of Exemption         company and dormant company              following subsection shall be required to hold only 2
     section 173-                     shall be deemed to have complied         substituted:-                     meetings of the Board
     Meetings of Board                with the provisions of this section if                                     in an year
                                      at least one meeting of the Board of     (5) A One Person Company,
                                      Directors has been conducted in          small    company,       dormant
                                      each half of a calendar year and the     company      and    a     private
                                      gap between the two meetings is not      company (if such private
                                      less than ninety days:                   company is a start-up) shall be
                                                                               deemed to have complied with
                                      Provided that nothing contained in       the provisions of this section if
                                      this sub-section and in section 174      at least one meeting of the
                                      shall apply to One Person Company        Board of Directors has been
                                      in which there is only one director on   conducted in each half of a
                                      its Board of Directors                   calendar year and the gap


                                                             5
                                                                          between the two meetings is
                                                                          not less than ninety days.

                                                                          Provided      that     nothing
                                                                          contained in this sub-section
                                                                          and in section 174 shall apply
                                                                          to One Person Company in
                                                                          which there is only one
                                                                          Director on its Board of
                                                                          directors.
7.   Chapter XII, sub- New      Where at any time the number of           Shall apply with the exception   For private companies
     section (3) of Exemption   interested directors exceeds or is        that the interested director     interested director may
     section 174.-              equal to two thirds of the total          may also be counted towards      also be counted for
     Quorum         for         strength of the Board of Directors,       quorum in such meeting after     quorum       in     such
     meetings of Board          the number of directors who are not       disclosure of his interest       meeting             after
                                interested directors and present at       pursuant to section 184.         disclosure      of    his
                                the meeting, being not less than two,                                      interest pursuant to
                                shall be the quorum during such                                            section 184.
                                time.

                                Explanation.--For the purposes of
                                this sub-section, "interested director"
                                means a director within the meaning
                                of sub-section (2) of section 184.




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