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of <h1>MCA Announces Exemptions for Private Companies u/s 462, Simplifying Compliance and Modifying Shareholder Consent Rules.</h1> The notification issued by the Ministry of Corporate Affairs on June 5, 2015, under section 462 of the Companies Act, 2013, outlines exemptions and modifications applicable to private companies. Key exemptions include the non-requirement of cash flow statements for certain private companies, modifications in shareholder consent for specific resolutions, and relaxation in provisions related to share capital and borrowing limits. Additionally, certain sections of the Act, such as those concerning board meetings and director interests, are modified or not applicable under specified conditions. These changes aim to simplify compliance while ensuring shareholder protection. The exemptions apply only if companies have not defaulted in filing financial statements or annual returns.
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