Receive Daily Updates by Email (Free Subscription)

Section 462 Of Companies Act 2013: Power To Exempt Class Or Classes Of Companies

Corporate Law (Country: India)

SECTION-462 (Power to exempt class or classes of companies from provisions of this Act) under CHAPTER-XXIX (Miscellaneous) of the Companies Act, 2013

(1) The Central Government may in the public interest, by notification direct that any of the provisions of this Act,—
(a) shall not apply to such class or classes of companies; or
(b) shall apply to the class or classes of companies with such exceptions, modifications and adaptations as may be specified in the notification.

(2) A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days, and if, both Houses agree in disapproving the issue of notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.

(3) In reckoning any such period of thirty days as is referred to in sub-section (2), no account shall be taken of any period during which the House referred to in subsection (2) is prorogued or adjourned for more than four consecutive days.

(4) The copies of every notification issued under this section shall, as soon as may be after it has been issued, be laid before each House of Parliament.








Extra Notes for Readers

(1) The Companies Act, 2013 received the assent of the President on the 29th August, 2013 (Published in the Gazette of India, Extraordinary, Part II - Section 1 by Ministry of Law and Justice, Legislative Department on 30th August, 2013) - link

(2) Section 462 of the Companies Act 2013 was notified by MCA Notification S.O. 2754(E) dated 12th September 2013 (w.e.f. 12th September 2013) - link

(3) Sub-section (2) of section 462 of the Companies Act 2013 was substituted by new set of sub-section (2), (3) & (4) by the Companies (Amendment) Act, 2015 (w.e.f. 29th May, 2015 - link).





This page was last updated on 6th June, 2017.

No comments:

Post a Comment

Share your valuable opinion or your query here.