Ministry of Corporate Affairs, in its notification dated 5th July, 2017, has notified certain amendments to the Schedule IV of the Companies Act, 2013. The contents of the said notification is as under:
S.O. ___(E).- In exercise of the powers conferred by sub-section (1) of section 467 of the companies Act, 2013 (18 of 2013), the Central Government hereby makes the following amendments to Schedule IV of the said Act, namely:-
2. In the Companies Act, 2013, in Schedule IV, -
(i) in paragraph III, in sub-para (12), for the words "acting within his authority", the words "act within their authority" shall be substituted;
(ii) in paragraph VI, sub-para (2), for the words "a period of not more than one hundred and eighty days", the words "three months" shall be substituted;
(iii) in paragraph VII, in sub-para (1), for the words "in a year", the words "in a financial year" shall be substituted; and
(iv) after paragraph VIII, the following note shall be inserted, namely:-
'Note: The provisions of sub-paragraph (2) and (7) of paragraph II, paragraph IV, paragraph V, clauses (a) and (b) of sub-paragraph (3) of paragraph VII and paragraph VIII shall not apply in the case of a Government company as defined under clause(45) of section 2 of the Companies Act, 2013 (18 of 2013), if the requirements in respect of matters specified in these paragraphs are specified by the concerned Ministries or Departments of the Central Government or as the case may be, the State Governments and such requirements are complied with by the Government companies."
3. This notification shall come into force on the date of its publication in the Official Gazette.