Exemption to Private Companies

Ministry of Corporate Affairs (MCA) vide Notification dated 13^th July, 2017 hereby amends its Notification no. G.S.R 583 (E) dated 13^th June, 2017.

The criteria of having adequate Internal Financial Controls system will not be applicable to the following private companies:

Section	Earlier	Amended
143(3)(i)	Clause (i) shall not be applicable to private companies which is:      One Person Company; or      Small Company; or       Having turnover less than 50   Crores as per latest audited financial statements; or Having aggregate borrowings less than 25 crores from banks or financial institutions or anybody corporate at any point of time during the financial year	Clause (i) shall not be applicable to private companies which is:  One Person Company; or Small Company; or Having turnover less than 50 Crores as per latest audited financial statements; and Having aggregate borrowings less than 25 crores from banks or financial institutions or anybody corporate at any point of time during the financial year