Amended and updated notes on section 462 of Companies Act 2013. Detail discussion on provisions and rules related to power to exempt class or classes of companies from provisions of this Act.
Chapter XXIX (Sections 447–470) of the Companies Act, 2013 (CA 2013) deals with the provisions related to miscellaneous. Section 462 of CA 2013 provides for power to exempt class or classes of companies from provisions of this Act.
Recently, we have discussed in detail section 461 (Annual report by Central Government) of CA 2013. Today, we learn the provisions of section 462 of Companies Act 2013.
Section 462 of the Companies Act, 2013 has been notified by the Ministry of Corporate Affairs (MCA) vide Notification No. S.O. 2754(E) issued dated 12.09.2013. This notification was come into force from 12th September, 2013 i.e. the commencement date of section 462 is 12-9-2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XXIX |
| Chapter Name | Miscellaneous |
| Section No. | 462 |
| Section Name | Power to exempt class or classes of companies from provisions of this Act |
| Monthly Updated Edition | Company Law PDF |
Section 462 of Companies Act 2013: Power to exempt class or classes of companies from provisions of this Act
Section 462 shall come into force on 12th September, 2013 vide Notification No. S.O. 2754(E) dated 12.09.2013.
(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.