Companies (Removal of Dilficulties) Order, 2015 has been released by MCA dated February 13, 2015
In the Companies Act, 2013 (hereinafter referred to as the said Act, -
(as in section 2, in clause(85), in sub-clause (i), for the word "or" occurring at the end, the word "and" shall be substituted; and (b) in section 186 of the said Act, in sub section (11), in clause (b),after item (iii), the following item shall be inserted, namely:-
"(iv) made by a banking company or an insurance company or a housing finance company, making acquisition of securities in the ordinary
course of its business.".
The impact is as follows:
Small Company - ' A small company is now defined as a company (other than public company) whose paid up capital is upto Rs 50 lakhs AND turnover upto Rs 2 crores. Earlier it was OR.
Amendment in Section-186- The provision of section 186 except sub section (1) shall also not apply to any acquisition made by a banking company or an insurance company or a housing finance company, making acquisition of securities in the ordinary course of its business.
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