Section 63 - Amendment of section 188 - Companies (Amendment) Act, 2017

Amendment of section 188 63. In section 188 of the principal Act,- (i) in sub-section (1), after the second proviso, the following proviso shall be inserted, namely:- Provided also that nothing contained in the second proviso shall apply to a company in which ninety per cent. or more members, in number, are relatives of promoters or are related parties: ; (ii) in sub-section (3), for the words shall be voidable at the option of the Board , the words shall be voidable at the option of the Board or, as the case may be, of the shareholders shall be substituted.