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of <h1>India Amends Companies Act: New Exemption for SEZ Firms with Non-Resident Employees on Proper Visas, Effective Immediately</h1> The Government of India, under the powers granted by section 641(1) of the Companies Act, 1956, has amended Schedule XIII of the Act. The amendment involves renumbering the existing 'Explanation' in Part I, clause (e) as 'Explanation I' and adding a new 'Explanation II.' This new explanation exempts companies in Special Economic Zones from certain conditions, provided non-residents entering India have a proper employment visa. The amendment becomes effective upon its publication in the Official Gazette.
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