MCA Vide Notification No. GSR.857(E) on 18/11/19 issued Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019 to further amend Companies (Meetings of Board and its Powers) Rules, 2014 which will come into force from 18 November, 2019 with the following amendment:-
- In Rule 15(3)(a) :
- in sub-clauses (i) and (ii) the limit of ‘rupees one hundred crore’ is omitted
- in sub-clause (iii), for the words “amounting to ten per cent or more of the net worth of the company or ten per cent or more of turnover of the company or rupees one hundred crore, whichever is lower”, the words “amounting to ten per cent or more of the turnover of the company” is substituted
- in sub-clause (iv), the limit of ‘rupees fifty crore’ is omitted.
The Revised Rule 15(3)(a) is –
|
Sub-clause |
Particulars |
Limit |
|
i) |
Sale, purchase or supply of any goods or materials directly or through appointment of agent |
10% or more of the Turnover of the Company |
|
ii) |
Selling or otherwise disposing of or buying property of any kind directly or through appointment of agent |
10% or more of the Networth of the Company |
|
iii) |
Leasing of property any kind directly or through appointment of agent |
10% or more of the Turnover of the Company |
|
iv) |
Availing or rendering of any services directly or through appointment of agent |
10% or more of the Turnover of the Company |
The said Notification can be accessed through the following link:MCANotif_GSR.857(E)_18112019_Co.Meeting Of Board & Powers 2ndAmendmntRules,2014