Refer Rule 15 of the Companies (Meetings of Board and its Powers) Rules,2014.To view the rule, Click Here
Substituted vide MCA notification dated 02.03.2020. To view the notification, Click Here .
(a) a Government company in respect of contracts or arrangements entered into by it with any other Government company;
(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 . Vide notification no.G.S.R. 463(E) dated 5th June, 2015.
(The exceptions, modifications and adaptations provided above shall be applicable only to those Government Companies which has not committed a default in filing its financial statements under section 137 of the said act or annual return under section 92 of the said act with the registrar, vide notification dated 13th June, 2017)
To view the notification, Click Here
Refer rule 15 of the Companies (Meetings of Board and its Powers) Rules,2014.To view the rule, Click Here
substituted by the Companies (Amendment) Act, 2015 (21 of 2015), notified on 26th May, 2015, with effect from 29th May 2015 vide notification S.O. 1440(E).To view the notification, Click Here
Provided further Second proviso shall not apply to-
1.Private Companies vide notification G.S.R. 464(E) dated 5th June 2015
(The exceptions, modifications and adaptations provided above shall be applicable only to those Private Companies which has not committed a default in filing its financial statements under section 137 of the said act or annual return under section 92 of the said act with the registrar, vide notification dated 13th June 2017)
2.Specified IFSC Public Companies vide notification GSR 08(E) dated 4th January, 2017,
3.(a) a Government company in respect of contracts or arrangements entered into by it with any other Government company;
(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. vide notification no.
G.S.R. 463(E) dated 5th June, 2015.
To view the notifications , Click Here
Substituted by the Companies (Amendment) Act, 2015 (21 of 2015), notified on 26th May, 2015, with effect from 29th May 2015 vide notification S.O. 1440(E). To view the notification, Click Here
Clarification provided vide Circular 30/2014.To view the Clarification, Click Here
Inserted vide Companies (Amendment) Act, 2017 dated 03.01.2018 effective from 09.02.2018. To view the notification, Click Here
Provided also that the requirement of passing the resolution under first proviso shall not be applicable for transactions entered into between a holding company and its wholly owned subsidiary whose accounts are consolidated with such holding company and placed before the shareholders at the general meeting for approval. Inserted by the Companies (Amendment) Act, 2015 (21 of 2015), notified on 26th May, 2015, with effect from 29th May 2015 vide notification S.O. 1440(E). To view the notification, Click Here
(ii) any other body corporate (not being a company as defined in this Act), which the Central Government may, by notification, specify in this behalf
Substituted vide Companies (Amendment) Act, 2017 dated 03.01.2018 effective from 09.02.2018. To view the notification, Click Here
Substituted vide Companies (Amendment) Act, 2020 dated 28.09.2020 with effect from 21.12.2020. To view the Act, Click Here . To view the commencement notification, Click Here .
