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of <h1>India Updates Private Company Exemptions: Simplified Rules for Start-Ups, Small Companies, and More u/s 462.</h1> The Ministry of Corporate Affairs in India issued a notification amending exemptions for private companies under Section 462 of the Companies Act, 2013. Key changes include allowing certain private companies, such as start-ups, small companies, and one-person companies, to omit cash flow statements from financial documents. Private companies meeting specific criteria, such as not being subsidiaries or associates and having limited borrowings, are exempt from certain provisions of Section 73. Additionally, small and start-up companies have simplified requirements for annual returns and board meetings. These exemptions apply only if the company has not defaulted in filing financial statements or annual returns.
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