16 Exemptions to Private Companies in 2015 | Companies Act 2013

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• published: 29 Jul 2015
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https://www.fb.com/IndianCorporateUpdates/ Description in Brief & Other Link Referred in this Presentation The Companies Amendment Act 2015 https://www.youtube.com/watch?v=gIMueFPJQiI This presentation is all about the exemptions issued by Central Government for Private Companies on the 5th of June 2015. Section 462 of the companies act 2013 empowers Central government for granting exemption with approval of both the houses. On 24th June 2014 MCA issued a draft notification. But it was notified on 5 June 2015. Now we are going in the list of exemption. 1:30 First exemption says that Sub-clause 8 of clause 76 of Section 2 shall not apply with respect to Section 188. So now for private company, its holding, subsidiary or any associate company or any other subsidiaries of its holding company will not be regarded as Related Party regarding section 188. 03:16 Second exemption says that Section 43 and 47 shall not apply where MOA or AOA of the Private Company so provides 04:50 Third exemption made with conditional proviso for private company A Proviso is added after Sub-clause (i) of clause (a) of subsection 1 of section 62 and subsection 2 of section 62. Section 62 deals with Further issue of share capital. If Private Company satisfy discussed condition, Said time may be less than 15 days for subsection 1 and less than 3 days for subsection 2. 06:32 Fourth exemption say that For Private Company in clause (b) of subsection 1 of section 62, the word special resolution shall be substituted with Ordinary Resolution. Now after this exemption for private company an ESOP can be made with Ordinary Resolution. 7:10 Fifth exemption says that Section 67 will not apply to private company if it satisfy 3 condition Section 67 restricts company from purchasing its shares directly or indirectly. 08:50 Sixth Exemption says that Clauses (a) to (e) of sub-section (2) of Section 73 shall not apply to a private company that complies 2 conditions. So if a private company is not able to comply with the said provisions (a) to (e) and still they also want to accept deposits from member than such private company can accept deposit from their member if satisfy 2 conditions. 10:08 Seventh Exemption says that Sections 101 to 107 and section 109 shall apply unless otherwise specified in respective sections or the articles of the company provide otherwise. 101 Notice of Meeting 102 Statement to be annexed to notice 103 Quorum for Meetings 104 Chairman of meetings 105 Proxies 106 Restriction on voting rights 107 Voting by show of hands 109 Demand for poll 12:30 Eight Exemption says that Clause (g) of sub-section (3) of section 117 shall not apply to Private Company. Now Private companies are not required to file MGT 14 with the concerned Resolutions passed under subsection 3 of section 179. 13:25 Ninth exemption says that Clause (g) of sub-section (3) of section 141 shall apply with the modification. Section 141 deals with Eligibility, qualifications and disqualifications of auditors. And after modification while calculating 20 Companies in which the person is appointed as auditor following company shall be excluded • one person companies, • dormant companies, • small companies and • private companies having paid-up share capital less than 100 crore rupees 15:38 Tenth exemption says that Section 160 shall not apply. Now for Private Company it is not required to deposit such amount and candidature. 16:18 Eleventh Exemption says that Section 162 shall not app1y. So now more than 1 directors can be appointed with only one resolution in private company. 16:42 Twelfth Exemption says that Section 180 shall not apply to private companies. 17:19 Thirteenth Exemption says that Sub-section (2) of section 184 shall apply with an exception. Therefore after exemption with disclosure of Interest interested directors of private company can participate in such Board Meeting. 18:19 Fourteenth Exemption says that Sections 185 shall not apply to a private company if such private company satisfy 3 conditions. 19:17 Fifteenth Exemption says that Second proviso to subsection (1) of section 188 shall not apply to Private Company. Therefore member who is even related party can vote on a special resolution for approving such related party transaction. 20:14 Sixteenth exemption says that Sub-sections (4) and (5) of section 196 shall not apply to private company. So viewers, thank you for watching, Hope we will be meeting next week. If you have any suggestion or different view than you can write me at admin@classmarg.com, Further, If you want to be in connection you may subscribe the channel so that an automatic intimation will be made to you.