MCA Notifies Exceptions/ Modifications of Co. Law for Unlisted Public Cos. in IFSC (SEZ)

MCA Notification on Exceptions/ Modifications of certain provisions of Companies Act, 2013 for Unlisted Public Companies in IFSC (SEZ)

MCA has notified ‘Exemptions/ Exceptions/ Relaxations/ Modifications/ Adaptations’ of certain provisions (about 59 items) of the Companies Act, 2013 in respect of ‘Unlisted Public Companies’ having licence from RBI/ SEBI/ IRDAI and operating from IFSC located in approved multi-services SEZ, as under:

MCA Notification dt. 4 Jan. 2017 Exceptions Unlisted Public Cos. [F. No. 3/1/2015-CL.I (Part-1)]

G.S.R. 08(E).—In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of Section 462 and in pursuance of sub-section (2) of the said section of the Companies Act, 2013 (18 of 2013), the Central Government, in the interest of public, hereby directs that certain provisions of the Companies Act, 2013 (18 of 2013), as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations as specified in column (3) of the said Table, to an unlisted public company which is licensed to operate by the Reserve Bank of India or the Securities and Exchange Board of India or the Insurance Regulatory and Development Authority of India from the International Financial Services Centre located in an approved multi services Special Economic Zone set-up under the Special Economic Zones Act, 2005 (28 of 2005) read with the Special Economic Zones Rules, 2006 (herein after referred to as “Specified IFSC public company”), namely:— (contd… please refer attachment)

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