Exemption Notification to Private Companies under Section 462 of Companies Act 2013
In exercise of its powers u/s 462, the Central Government vide notification dated 5th June,2015 has granted certain exemptions to private companies from the applicability of certain provisions of the Companies Act, 2013.
It is intended to bring about ease in doing business and to provide a simpler and easier legal frame work for the Private Companies to function.
The notification takes effect on and from 5th June, 2015.
- The exemptions, exceptions, modifications and adaptations granted under the notification are prospective in nature.
- Any transaction entered into by a private company prior to the date of enforcement of the notification will not be covered by the reliefs granted under the notification.
- The notification applies to private companies as defined u/s 2(68) of the CA, 2013.
- The notification does not apply to a private company which is a subsidiary of a public company as such a company is deemed to be a public company within the definition of “public company” u/s 2(71).