TaxTMI 
TaxTMI 
Exemption to Specified IFSC Private company –under section 462 of the Companies Act,2016
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....d in column (3) of the said Table, to a private company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Services Centre located in an approved multi services Special Economic Zone set-up under the Special Economic Zones Act, 2005 (28 of 2005) read with the Special Economic Zones Rules, 2006 (hereinafter referred to as "Specified IFSC private company"), namely:- Serial Number Provisions of the Companies Act, 2013 (18 of 2013) Exceptions/Modifications/Adaptations (1) (2) (3) 1. Clause (41) of section 2 In clause (41), after the second proviso, the following proviso shall be inserted, ....
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....Sub-section (1) of section 12 In sub-section (1), the following proviso shall be inserted, namely:- "Provided that a Specified IFSC private company shall have its registered office at the International Financial Services Centre located in the approved multi services Special Economic Zone set-up under the Special Economic Zones Act, 2005 read with the Special Economic Zones Rules, 2006, where it is licensed to operate, at all times.". 6. Sub-section (2) of section 12 For the words "thirty days" read as "sixty days". 7. Sub-section (4) of section 12 For the words "fifteen days" read as "sixty days". 8. Sub-section (5) of section 12 For sub-section (5), the following sub-section shall be substituted, namely:- "(5) Except on the aut....
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....tion (3) of section 92 Shall not apply. 17. Sub-section (1) of section 100 In sub-section (1), the following proviso shall be inserted, namely:- "Provided that in case of a Specified IFSC private company, the Board may subject to the consent of all the shareholders, convene its extraordinary general meeting at any place within or outside India.". 18. Sub-section (1) of section 117 For the words "thirty days" read as "sixty days". 19. Sub-section (1) of section 118 In sub-section (1), the following proviso shall be inserted, namely:- "Provided that in case of a Specified IFSC private company, the minutes of every meeting of its Board of Directors or of every committee of the Board, to be prepared and signed in the manner as may b....
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....e months from the date of expiry of sixty days period.". 27. Sub-section (3) of section 149 In sub-section (3), the following proviso shall be inserted, namely:- "Provided that this sub-section shall apply to the Specified IFSC private company in respect of financial years other than the first financial year from the date of its incorporation.". 28. Sub-section (3) of section 161 In sub-section (3), the following proviso shall be inserted, namely:- "Provided that in case of a Specified IFSC private company, the Board may appoint, any person nominated by any institution or company or body corporate as a director in pursuance of the provisions of any law for the time being in force or of any agreement or by the Central Government or t....
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....olding through themselves or through their relatives and a special resolution is passed to this effect.". 35. Sub-section (1) of section 186 Shall not apply. 36. Sub-sections (2) and (3) of section 186 Shall not apply, if a company passes a resolution either at meeting of the Board of Directors or by circulation. 37. Sub-section (5) of section 186 In sub-section (5), after the proviso, the following proviso shall be inserted, namely:- "Provided further that in case of a Specified IFSC private company, the Board can exercise powers under this sub-section by means of resolutions passed at meetings of the Board of Directors or through resolutions passed by circulation.". 38. Sub-section (2) of section 384 In sub-section (2), the f....