MCA vide Notification No. G.S.R. ………(E) on Tuesday, 13th June, 2017 amended the previous notification no. G.S.R. 463(E) dt. 5th June, 2015 in respect of Exemptions to Government Companies. Vide said notification following exemptions have been granted:
- Section 96(2): Annual General Meeting can be held either at registered office or such other place within the city, town or village in which the registered office of the company is situated. (previously for convening at place other than registered office, Central government approval was required)
- Section 152 (6) & (7): Exemption relating to directors retire by rotation has been extended to unlisted Government companies in which atleast 51% paid up share capital is held by Central Govt. (CG) and / or State Govt. (SG) or their subsidiary. (previously it was for Govt. Co. in which entire share capital is held by CG and / or SG)
- Section 230 to 232: Power relating to scheme of arrangement in these Sections has been given to Central Government for Govt. Companies. (generally it is with Tribunal)
Further it has been stated that the said exceptions, modifications and adaptations shall be applicable to a Govt. Co. which has not defaulted in filing its financial statements u/s 137 & annual return u/s 92 of the Act.
The said notification can be accessed at the following link:ExemptionGovernmentCompanies_13.06.2017