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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, 24th 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

                                                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. 6
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