Companies Act 2013 - step to relax some law for Private Company

After aking feedback from all stake holders & industry Ministry of corporate affairs ( MCA ) i s planning to exempt Private Companies fron some provision of the Companies Act 2013

They have issued a draft notification and asked for public comments till 1st July . After that this notification will come after laying it in the floor of the parliament

Some of the areas in which exemption likely to come are as follows

1. Type of share Capital

2. Voting Rights on shares

3. Furthur issue of shares

4. Accepting deposit from Members

5. General Body meeting process

6. Excluding Private Company Audit in computing maximum ceilling of 20 Company

7. Boards Power ( No need to go for shareholders approval ) in some matter

8. Loan to Directors

9 Relate Party Transaction

10 MD Remuneration

Let us wait and watch for the final notification