Exemption to Private Companies under section 462 of CA, 2013 - F. No. 1/1/2014-CL-V - Companies Law

Exemptions for private companies allow tailored relief from financial statement, deposit and board requirements where compliance conditions are met.

The notification provides targeted exemptions for private companies, one person companies, small companies, dormant companies and recognised start ups: omission of the cash flow statement; conditional non application of deposit provisions based on capital, start up status or borrowing and independence criteria with required Registrar filings; relaxed annual return signature requirements; audit and inspection exemptions tied to turnover and borrowing limits; board meeting frequency relaxation and quorum rules allowing an interested director after disclosure. These exceptions apply only where the company has not defaulted in filing financial statements or annual returns.