TaxTMI 
TaxTMI 
Exemption to Specified IFSC Public company –under section 462 of the Companies Act,2016
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....s as specified in column (3) of the said Table, to an unlisted public 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 (herein after referred to as "Specified IFSC public 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, t....
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....s Special Economic Zone, granted by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India.". 6. Sub-section (1) of section 12 In sub-section (1), the following proviso shall be inserted, namely:- "Provided that a Specified IFSC public 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.". 7. Sub-section (2) of section 12 For the words "thirty days" read as "sixty days". 8. Sub-section (4) of sect....
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....ities to subscribers after incorporation, allotment, transfer or transmission within a period of sixty days.". 17. Clause (a) of subsection (1) of section 62 In clause (a) of sub-section (1), the following proviso shall be inserted, namely:- "Provided that notwithstanding anything contained in sub-clause (i), in case of a Specified IFSC public company, the periods lesser than those specified in the said sub-clause shall apply if ninety per cent. of the members have given their consent in writing or in electronic mode.". 18. Clause (b) of subsection (1) of section 62 For the words "special resolution" read as "ordinary resolution". 19. Section 67 Shall not apply to a Specified IFSC public company- (a) in whos....
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....nsent of all the shareholders, convene its extraordinary general meeting at any place within or outside India.". 25. Sections 101 to 107 and section 109 Shall apply in case of a Specified IFSC public company, unless otherwise specified in the articles of the company. 26. Sub-section (1) of section 117 For the words "thirty days" read as "sixty days". 27. Clause (g) of sub-section (3) of section 117 Shall not apply. 28. 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 public 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 mann....
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....ll appoint new auditor at a general meeting convened within three months from the date of expiry of sixty days period.". 36. Second proviso to subsection (1) of section 149 Shall not apply. 37. 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 a Specified IFSC public company in respect of financial years other than the first financial year from the date of its incorporation.". 38. Sub- sections (4) to (11), clause (i) of subsection (12) and sub-section (13) of section 149 Shall not apply. 39. Sub-section (5) of section 152 For the words "thirty days" read as "sixty days". 40. Sub-sections (6) and (7....
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....apply. 49. Section 178 Shall not apply. 50. Sub-section (3) of section 179 In sub-section (3), after the second proviso, the following proviso shall be inserted, namely:- "Provided also that in case of a Specified IFSC public company, the Board can exercise powers by means of resolutions passed at the meetings of the Board or through resolutions passed by circulation.". 51. Section 180 Shall apply in case of a Specified IFSC public company, unless the articles of the company provides otherwise. 52. Sub-section (2) of section 184 Shall apply with the exception that interested director may participate in such meeting provided the disclosure of his interest is made by the concerned director either prior o....