Exemption to Government Companies

Ministry of Corporate Affairs (MCA) vide Notification dated 13^th June, 2017 hereby amends its Notification no. G.S.R 463(E) dated 5^th June, 2015(Principal Notification).

The Government companies will not be eligible to claim the following exemptions alongwith those specified in Principal Notification, if they have defaulted in filing of financial statements or annual returns under section 137 and section 92 respectively with Registrar.

Section	Earlier	Amended
96(2)	Place of holding AGM Such other place as the Central Govt. may approve in this behalf	Place of holding AGM Such other place within the city, town or village in which the registered office of the company is situated or such other place as the Central Govt. may approve in this behalf
152(6) and (7)	Directors retiring by rotation- Shall not apply to:    Govt. Co in which entire paid up share capital is held by Central Govt.  or by State Govt. or by both Subsidiary of Govt. Co. referred above	Directors retiring by rotation- Shall not apply to: 1. Govt. Co which is Unlisted company; and > =51% of paid up capital is held by Central Govt.  or by State Govt. or by both 2. Subsidiary of Govt. Company referred above
230 to 232	The Tribunal had the powers under the following sections: S. 230 Compromise and Arrangements with creditors and members S 231. Power of tribunal to enforce compromise or arrangement S. 232 Merger and Amalgamation of companies	For the word “Tribunal”, wherever it occurs, the words “Central Government” shall be substituted in following sections: S. 230 Compromise and Arrangements with creditors and members S 231. Power of tribunal to enforce compromise or arrangement S. 232 Merger and Amalgamation of companies