Exemptions to Government Companies, Government Company Exemptions

Government Company- Recent Exemptions

Government Companies Recent Exemptions

By taking care of public interest the Central Government makes the following amendments in the notification of the Government of India, in the Ministry of Corporate Affairs (MCA):-

In the said notification, the following serial numbers and entries shall be replaced i.e. :- Exemptions to Government Companies

Section 2(45):

Section 2 Clause 45 of the Companies Act 2013 says that the ‘Government companies’ means any company whether it is Central Government, or State Government or both or includes one or more State Governments or includes a company which is subsidiary company of such a Government company and holds not less than 51% of the paid-up share capital.

Further an explanation is inserted in it and said: For the purposes of this clause, the "paid-up share capital" shall be define as "total voting power", where shares with statistical voting rights have been issued.

Section 4(1):

In section 4 (1) (a) it is defined that the memorandum of a company shall state the name of the company with the last word "Limited" and "Private Limited" in the case of a public limited company, or in the case of a private limited company.

Further an explanation is inserted in it and said: The word "Limited" and "Private Limited" in the case of a public limited company or in the case of a private limited company shall be omitted.

Section 188(1):

With the recent amendments Section 188(1) shall not apply to:

(a) a Government company in regard of contracts or courses of action went into by it with some other Government company, or with Central Government or any State Government or any combination thereof;

(b) a Government company, other than a listed company, in regard of contracts or courses of action other than those referred to in clause (a) on the off chance that such company gets approval of the Ministry or Department of the Central Government which is officially responsible for the company, or, all things considered, the State Government before going into such agreement or course of action."

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03 Mar

Shruti

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