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TMI BlogExemption to Specified IFSC Public company –under section 462 of the Companies Act,2016X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) of the said Table, to an unlisted public company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Services Centre located in an approved multi services Special Economic Zone set-up under the Special Economic Zones Act, 2005 (28 of 2005) read with the Special Economic Zones Rules, 2006 (herein after referred to as "Specified IFSC public company"), namely:- Serial Number Provisions of the Companies Act, 2013 (18 of 2013) Exceptions/Modifications/Adaptations (1) (2) (3) 1. Clause (41) of section 2 In Clause (41), after the second proviso, the following proviso shall be inserted, na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ities and Exchange Board of India or the Insurance Regulatory and Development Authority of India.". 6. Sub-section (1) of section 12 In sub-section (1), the following proviso shall be inserted, namely:- "Provided that a Specified IFSC public company shall have its registered office at the International Financial Services Centre located in the approved multi services Special Economic Zone set-up under the Special Economic Zones Act, 2005 read with the Special Economic Zones Rules, 2006, where it is licensed to operate, at all times.". 7. Sub-section (2) of section 12 For the words "thirty days" read as "sixty days". 8. Sub-section (4) of section 12 For the words "fifteen days" read as "sixty days". 9. Sub-section (5) of section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 62 In clause (a) of sub-section (1), the following proviso shall be inserted, namely:- "Provided that notwithstanding anything contained in sub-clause (i), in case of a Specified IFSC public company, the periods lesser than those specified in the said sub-clause shall apply if ninety per cent. of the members have given their consent in writing or in electronic mode.". 18. Clause (b) of subsection (1) of section 62 For the words "special resolution" read as "ordinary resolution". 19. Section 67 Shall not apply to a Specified IFSC public company- (a) in whose share capital no other body corporate has invested any money; (b) if the borrowings of such company from banks or financial institutions or any body corporate is less ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny, unless otherwise specified in the articles of the company. 26. Sub-section (1) of section 117 For the words "thirty days" read as "sixty days". 27. Clause (g) of sub-section (3) of section 117 Shall not apply. 28. Sub-section (1) of section 118 In sub-section (1), the following proviso shall be inserted, namely:- "Provided that in case of a Specified IFSC public company, the minutes of every meeting of its Board of Directors or of every committee of the Board, to be prepared and signed in the manner as may be prescribed under sub-section (1) at or before the next Board meeting or committee meeting, as the case may be and kept in the books kept for that purpose.". 29. Sub-section (10) of section 118 Shall not apply. 30. Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be inserted, namely:- "Provided that this sub-section shall apply to a Specified IFSC public company in respect of financial years other than the first financial year from the date of its incorporation.". 38. Sub- sections (4) to (11), clause (i) of subsection (12) and sub-section (13) of section 149 Shall not apply. 39. Sub-section (5) of section 152 For the words "thirty days" read as "sixty days". 40. Sub-sections (6) and (7) of section 152 Shall not apply. 41. Section 160 Shall apply as per the articles framed by the company. 42. Sub-section (3) of section 161 In sub-section (3), the following proviso shall be inserted, namely:- "Provided that in case of a Specified IFSC public company, the Board may appoint, any person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circulation.". 51. Section 180 Shall apply in case of a Specified IFSC public company, unless the articles of the company provides otherwise. 52. Sub-section (2) of section 184 Shall apply with the exception that interested director may participate in such meeting provided the disclosure of his interest is made by the concerned director either prior or at the meeting. 53. Sub-section (1) of section 185 In the Explanation, for clause (c), the following clause shall be substituted, namely:- "(c) any private company of which any such director is a director or member in which director of the lending company do not have direct or indirect shareholding through themselves or through their relatives and a special resolution is passed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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