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of <h1>India Amends Companies Act: Section 8 Firms and Gov-Owned Companies Get New Exemptions on Board and Loan Rules.</h1> The Government of India, through the Ministry of Corporate Affairs, issued a notification amending a previous notification from June 5, 2015, under the Companies Act, 2013. The amendment exempts Section 8 companies from the application of Clause (b) and the first proviso to sub-section (1) of section 149. Additionally, a new provision under sub-section (7) of section 186 exempts companies with at least 26% government-held paid-up share capital from certain loan conditions for industrial research funding. These exemptions apply to companies compliant with financial statement and annual return filings under sections 137 and 92, respectively.
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