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MCA Notification No. G.S.R. 151(E) dated 02/03/2020 – Exemptions to Government Companies.

MCA vide Notification No. GSR.151 on 02/03/2020 made further amendments in the Notification No. G.S.R. 463(E) dated the 05/06/2015 wherein, in the said notification for the serial no. 1 and 26 and the entries relating thereto, the following serial numbers and entries is substituted:-

(1)

(2)

(3)

1

Chapter l, clause (45) of Section 2.

ln clause (45), the following Explanation is inserted, namely:-

Explanation– For the purposes of this clause, the “paidup share capital” shall be construed as “total voting power”, where shares with differential voting rights have been issued.

1A

Chapter ll, 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’ is omitted.

26

Chapter Xll, first and second proviso to sub-section (1) of Section 188.

Shall not apply to –

(a) a Government company in respect of contracts or arrangements entered into by it with any other Government company, or with Central Government or any State Government or any combination thereof;

(b) a Government company, other than a listed company, in respect of contracts or arrangements other than those referred to in clause (a), 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 entering into such contract or arrangement.

The said Notification can be accessed through the following link:MCANoti_GSR151(E)_02032020_Exemptions to Govt Cos

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