India Amends Companies Act: Changes in Share Capital Definition, Exemptions for Govt Contracts, Streamlining Regulations.
The Government of India, through the Ministry of Corporate Affairs, issued amendments to a previous notification under section 462 of the Companies Act, 2013. The amendments redefine "paid-up share capital" as "total voting power" for shares with differential voting rights and omit specific wording for public and private limited companies in section 4. Additionally, exemptions are provided for government companies regarding contracts with other government entities, requiring approval from the relevant government department for non-listed companies before entering such contracts. These changes aim to streamline regulatory requirements for government companies.
Full Summary is availble for active users!
Note: It is a system-generated summary and is for quick
reference only.