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TMI BlogExemptions to Government Companies under section 462 of CA 2013X X X X Extracts X X X X X X X X Extracts X X X X ..... the Central Government, in the interest of public hereby directs that certain provisions of the Companies Act, 2013, as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations, as specified in column (3) of the said Table, to a Government company. namely :- S. No. Chapter Number/ Section number/ Sub-section(s) in the Companies Act, 2013 Exceptions, Modifications and Adaptations. (1) (2) (3) 6[1. Chapter I, clause (45) of section 2. In clause (45), the following Explanation shall be inserted, namely:- Explanation.- For the purposes of this clause, the "paid-up share capital" shall be construed as "total voting power", where shares with differen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y is situate or such other place as the Central Government may approve in this behalf' shall be substituted.".] 6. Chapter VIII, second proviso to sub-section (1 ) of section 123. Shall not apply to a Government Company in which the entire paid up share capital is held by the Central Government, or by any State Government or Governments or by the Central Government and one or more State Governments. 7. Chapter VIII. sub- section (4) of section 123. Shall not apply to a Government Company in which the entire paid up share capital is held by the Central Government. or by any State Government or Governments or by the Central Government and one or more State Governments or by one or more Government Company. 5[8. Chapter IX, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any State Government or Governments or by the Central Government and one or more State Governments; (b) a subsidiary of a Government company, referred to in (a) above.".] 16 Chapter XI, section 160. Shall not apply to - (a) a Government Company in which the entire paid up share capital is held by the Central Government, or by any State Government or Governments or by the Central Government and one or more State Governments; (b) a subsidiary of a Government company. referred to in (a) above, in which the entire paid up share capital is held by that Government company. 17 Chapter XI, section 162. Shall not apply to - (a) a Government Company in which the entire paid up share capital is held by the Central Government, or b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e substituted. 23 Chapter XII, sub-sections (2), (3) and (4) of section 178. Shall not apply to Government company except with regard to appointment of 'senior management' and other employees. 24 Chapter XII, section 185. Shall not apply to Government company in case such .company obtains approval of the Ministry or Department of the Central Government which is administratively in charge of the company, or, as the case may be, the State Government before making any loan or giving any guarantee or providing any security under the section 25 Chapter XII, section 186 Shall not apply to - (a) a Government company engaged in defence production; (b) a Government company, other than a listed company. in case such company ob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chapter XV, sections 230 to 232 For the word "Tribunal", wherever it occurs, the words "Central Government" shall be substituted.] 30 Chapter XXIX. sub-section (2) of section 439 In sub-section (2), the words the Registrar, a shareholder of the company, or of shall be omitted. 2. The Government companies, while complying with such exceptions, modifications and adaptations, as specified in column (3) of the aforesaid Table, shall ensure that the interests of' their shareholders are protected. 4[ 2A. The exceptions, modifications and adaptations provided in column (3) of the aforesaid Table shall be applicable to a Government company which has not committed a default in filing its financial statements under sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was read as, 8. Chapter IX. section 129. Shall not apply to the extent of application of Accounting Standard 17 (Segment Reporting) to the companies engaged in defence production. 6. Substituted vide NOTIFICATION No. F. No. 1/2/2014-CL-V dated 02-03-2020 before it was read as "1. Chapter II, section 4. In section 4, in sub-section (1). in clause (a), the words 'in the case of a public limited company, or the last words "Private Limited" in the case of a private limited company' shall he omitted." 7. Substituted vide NOTIFICATION No. F. No. 1/2/2014-CL-V dated 02-03-2020 before it was read as "26 Chapter XII, first and second proviso to sub-section (1) of section 188. Shall not apply to - ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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