The MCA issues relaxations for private companies from certain provisions of the Companies Act, 2013
On 24 June 2014, the Ministry of Corporate Affairs (MCA) vide Section 462(1) of the Companies Act, 2013 (2013 Act) issued a draft notification proposing a number of modifications with respect to certain Sections of the 2013 Act that would be applicable to a private company.
The comment period ended on 1 July 2014.
After nearly one year, on 5 June 2015 the MCA issued a final notification which provides exceptions/modifications/adaptations to some of the provisions of the 2013 Act for private companies. These notifications would come into force from the date of their publication in the Official Gazette.
This issue of the First Notes provides an overview of the key exceptions/ modifications/ adaptations made to the 2013 Act for private companies. For the text of the notification, please click here.
© 2019 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.