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of <h1>Amendment to Companies Act: Tightened 'Small Company' Criteria and Exemptions for Banking, Insurance, and Housing Finance Sectors.</h1> The Companies (Removal of Difficulties) Order, 2015 addresses issues in the Companies Act, 2013. The Act's definition of 'small company' allowed companies to qualify by meeting one of two criteria, causing some to be incorrectly classified despite exceeding monetary limits. The Order amends this by requiring companies to meet both criteria. Additionally, the Act lacked exemptions for banking, insurance, and housing finance companies acquiring securities in their ordinary business, restricting their operations. The Order resolves this by allowing these companies to acquire securities as part of their regular business activities. The Order took effect upon publication in the Official Gazette.
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