Exemption to Private Companies under section 462 of CA, 2013
https://www.mca.gov.in/Ministry/pdf/ExemptionPrivateCompanies.pdf
1 Replies
Vidnya
(Practicing CS)
(82 Points)
Replied 15 June 2017
Vide this notification, the companies act has provided certain exemptions to private companies which are "Start-up" companies, i.e.:
1. Exclusion of cash flow statement from the definition of financial statement. [section 2 (40)]
2. Exemption from complying with the conditions of acceptance of deposit from its members for the first 5 years of incorporation [clauses (a) to (e) of section 73(2)]
3. Annual return may be signed by director of the company where there is no full time company secretary. No need to obtain certification of PCS. [section 92 (1)]
4. Can hold only one board meeting in each half of the calender year with a minimum gap of 90 days between two meetings. [section 173(5)]
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