{"id":1409,"date":"2015-02-17T00:00:00","date_gmt":"2015-02-16T18:30:00","guid":{"rendered":""},"modified":"2015-12-29T14:54:09","modified_gmt":"2015-12-29T09:24:09","slug":"companies-removal-of-difficulties-order-2015","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/","title":{"rendered":"Companies (Removal of Difficulties) Order, 2015"},"content":{"rendered":"

[To be published in the Gazette of India,
\nExtraordinary, Part II, Section3, Sub-section  (ii))<\/strong><\/p>\n

GOVERNMENT OF INDIA<\/strong><\/p>\n

MINISTRY OF CORPORATE AFFAIRS<\/strong><\/p>\n

ORDER<\/strong><\/p>\n

New Delhi, the 33th February,
\n2015 <\/strong><\/p>\n

S.O.   (E).- Whereas, the Companies Act, 2013 (18
\nof 2013) (hereinafter
\nreferred to as the said Act)
\nreceived the assent of the President on
\nthe 29th August, 2013; <\/div>\n

<\/strong><\/p>\n

And whereas, clause <\/strong>(85) of section 2 of the said Act provides for <\/strong>definition of the term
\n“small company”;<\/strong><\/strong><\/p>\n

And whereas, clause (b) of
\nsub-section <\/strong>(11) of
\nsection 186 of the said Act provides
\nthat the requirements of provisions of section 186 <\/strong>[except
\nsub-section (1) of the <\/strong>said
\nsection] shall <\/strong>not apply to any acquisition made by a non-banking financial
\ncompany registered under Chapter IIIB of the Reserve Bank of India
\nAct, 1934 <\/strong>(2 of 1934)
\nand any other company whose principal business is
\nacquisition of securities;<\/strong><\/p>\n

And whereas, such provisions of clause (85) of section 2 and section <\/strong>186 of the
\n<\/strong>said Act had come into force on the
\n1st day of April, <\/strong>2014;<\/strong><\/p>\n

And whereas, the following difficulties have
\narisen in giving <\/strong>effect to the above provisions of the said Act: –<\/strong><\/p>\n

(a) According to clause (85) of
\nsection 2, <\/strong>a company may be treated as a ‘small company’ if it meets either of the conditions
\nprovided therein thereby making the <\/strong>second limit unrestricted or <\/strong>inconsequential. Difficulties
\nhave arisen in this regard as companies <\/strong>which, though, <\/strong>meet one of the criteria but exceed the
\nmonetary limit <\/strong>in <\/strong>respect of second criteria excessively are
\nalso getting classified as `small
\ncompanies’ and<\/p>\n

(b) in
\nclause (b) of sub-section (11) of section 186, in the absence of provisions for
\nexemption to a banking company or an insurance company or a housing finance
\ncompany making acquisition of securities in its ordinary course of business, a
\ndifficulty has arisen that such companies cannot make any acquisition of
\nsecurities in their ordinary course of business; <\/o:p><\/p>\n

Now,
\ntherefore, in exercise of the powers conferred by sub-section (1) of section
\n470 of the Companies Act, 2013 (18 of 2013), the Central Government hereby
\nmakes the following Order to remove the aforesaid difficulties, namely:- <\/p>\n

(1) Short
\ntitle and commencement.- (1) This Order may be called the Companies (Removal of
\nDifficulties) Order, 2015. <\/p>\n

(2) It shall
\ncome into force on the date of its publication in the Official Gazette. <\/p>\n

2. In the
\nCompanies Act, 2013 (hereinafter referred to as the said Act), – <\/p>\n

(a) in
\nsection 2, in clause (85), in sub-clause (i), for the word “or”
\noccurring at the end, the word “and” shall be substituted; and <\/p>\n

(b) in
\nsection 186 of the said Act, in sub-section (11), in clause (b), after item
\n(iii), the following item shall be inserted, namely :- <\/p>\n

“(iv)
\nmade by a banking company or an insurance company or a housing finance company,
\nmaking acquisition of securities in the ordinary course of its business.”.\n<\/p>\n

[F. No. 1\/
\n13 \/2013-CI-V-Part] <\/p>\n

SD\/-<\/p>\n

AMARDEEP SINGH BHATIA, JOIN SE RETARY<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

GOVERNMENT OF INDIA ORDER And whereas, clause (85) of section 2 of the said Act provides for definition of the term “small company”; And whereas, such provisions of clause (85) of section 2 and section 186 of the said Act had come into force on the 1st day of April, 2014; (a) According to clause … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6],"tags":[129],"yoast_head":"\nCompanies (Removal of Difficulties) Order, 2015 - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Companies (Removal of Difficulties) Order, 2015 - All About Finance\" \/>\n<meta property=\"og:description\" content=\"GOVERNMENT OF INDIA ORDER And whereas, clause (85) of section 2 of the said Act provides for definition of the term “small company”; And whereas, such provisions of clause (85) of section 2 and section 186 of the said Act had come into force on the 1st day of April, 2014; (a) According to clause ... Read more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/\" \/>\n<meta property=\"og:site_name\" content=\"All About Finance\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-16T18:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-12-29T09:24:09+00:00\" \/>\n<meta name=\"author\" content=\"Taxclick Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Taxclick Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/\"},\"author\":{\"name\":\"Taxclick Team\",\"@id\":\"https:\/\/taxclick.org\/#\/schema\/person\/001610fef58d5ab169d94a2403c6a227\"},\"headline\":\"Companies (Removal of Difficulties) Order, 2015\",\"datePublished\":\"2015-02-16T18:30:00+00:00\",\"dateModified\":\"2015-12-29T09:24:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/\"},\"wordCount\":234,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/taxclick.org\/#organization\"},\"keywords\":[\"order\"],\"articleSection\":[\"Company Law\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/\",\"url\":\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/\",\"name\":\"Companies (Removal of Difficulties) Order, 2015 - All About Finance\",\"isPartOf\":{\"@id\":\"https:\/\/taxclick.org\/#website\"},\"datePublished\":\"2015-02-16T18:30:00+00:00\",\"dateModified\":\"2015-12-29T09:24:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/taxclick.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Companies (Removal of Difficulties) Order, 2015\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/taxclick.org\/#website\",\"url\":\"https:\/\/taxclick.org\/\",\"name\":\"All About Finance\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/taxclick.org\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/taxclick.org\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/taxclick.org\/#organization\",\"name\":\"All About Finance\",\"url\":\"https:\/\/taxclick.org\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/taxclick.org\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/taxclick.org\/wp-content\/uploads\/2016\/01\/taxclick-logo.png\",\"contentUrl\":\"https:\/\/taxclick.org\/wp-content\/uploads\/2016\/01\/taxclick-logo.png\",\"width\":235,\"height\":68,\"caption\":\"All About Finance\"},\"image\":{\"@id\":\"https:\/\/taxclick.org\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/taxclick.org\/#\/schema\/person\/001610fef58d5ab169d94a2403c6a227\",\"name\":\"Taxclick Team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/taxclick.org\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/e6fa54245d717c2dfae29cb1bb4ee5d9?s=96&d=ANSPRESS_AVATAR_SRC&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/e6fa54245d717c2dfae29cb1bb4ee5d9?s=96&d=ANSPRESS_AVATAR_SRC&r=g\",\"caption\":\"Taxclick Team\"},\"description\":\"This is the team of the finance profession who, update the site on daily basis. The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.\",\"url\":\"https:\/\/taxclick.org\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Companies (Removal of Difficulties) Order, 2015 - All About Finance","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/","og_locale":"en_US","og_type":"article","og_title":"Companies (Removal of Difficulties) Order, 2015 - All About Finance","og_description":"GOVERNMENT OF INDIA ORDER And whereas, clause (85) of section 2 of the said Act provides for definition of the term “small company”; And whereas, such provisions of clause (85) of section 2 and section 186 of the said Act had come into force on the 1st day of April, 2014; (a) According to clause ... Read more","og_url":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/","og_site_name":"All About Finance","article_published_time":"2015-02-16T18:30:00+00:00","article_modified_time":"2015-12-29T09:24:09+00:00","author":"Taxclick Team","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Taxclick Team","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/#article","isPartOf":{"@id":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/"},"author":{"name":"Taxclick Team","@id":"https:\/\/taxclick.org\/#\/schema\/person\/001610fef58d5ab169d94a2403c6a227"},"headline":"Companies (Removal of Difficulties) Order, 2015","datePublished":"2015-02-16T18:30:00+00:00","dateModified":"2015-12-29T09:24:09+00:00","mainEntityOfPage":{"@id":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/"},"wordCount":234,"commentCount":0,"publisher":{"@id":"https:\/\/taxclick.org\/#organization"},"keywords":["order"],"articleSection":["Company Law"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/","url":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/","name":"Companies (Removal of Difficulties) Order, 2015 - All About Finance","isPartOf":{"@id":"https:\/\/taxclick.org\/#website"},"datePublished":"2015-02-16T18:30:00+00:00","dateModified":"2015-12-29T09:24:09+00:00","breadcrumb":{"@id":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/taxclick.org\/type\/company-law\/companies-removal-of-difficulties-order-2015\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/taxclick.org\/"},{"@type":"ListItem","position":2,"name":"Companies (Removal of Difficulties) Order, 2015"}]},{"@type":"WebSite","@id":"https:\/\/taxclick.org\/#website","url":"https:\/\/taxclick.org\/","name":"All About Finance","description":"","publisher":{"@id":"https:\/\/taxclick.org\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/taxclick.org\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/taxclick.org\/#organization","name":"All About Finance","url":"https:\/\/taxclick.org\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/taxclick.org\/#\/schema\/logo\/image\/","url":"https:\/\/taxclick.org\/wp-content\/uploads\/2016\/01\/taxclick-logo.png","contentUrl":"https:\/\/taxclick.org\/wp-content\/uploads\/2016\/01\/taxclick-logo.png","width":235,"height":68,"caption":"All About Finance"},"image":{"@id":"https:\/\/taxclick.org\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/taxclick.org\/#\/schema\/person\/001610fef58d5ab169d94a2403c6a227","name":"Taxclick Team","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/taxclick.org\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e6fa54245d717c2dfae29cb1bb4ee5d9?s=96&d=ANSPRESS_AVATAR_SRC&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e6fa54245d717c2dfae29cb1bb4ee5d9?s=96&d=ANSPRESS_AVATAR_SRC&r=g","caption":"Taxclick Team"},"description":"This is the team of the finance profession who, update the site on daily basis. The team is also responsible for giving the update as earliest and also give the timely reply to the quires asked by the visitors. The team can be reached at info@taxclick.org.","url":"https:\/\/taxclick.org\/author\/admin\/"}]}},"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"yarpp-thumbnail":false},"uagb_author_info":{"display_name":"Taxclick Team","author_link":"https:\/\/taxclick.org\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"GOVERNMENT OF INDIA ORDER And whereas, clause (85) of section 2 of the said Act provides for definition of the term “small company”; And whereas, such provisions of clause (85) of section 2 and section 186 of the said Act had come into force on the 1st day of April, 2014; (a) According to clause…","_links":{"self":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/posts\/1409"}],"collection":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/comments?post=1409"}],"version-history":[{"count":0,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/posts\/1409\/revisions"}],"wp:attachment":[{"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/media?parent=1409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/categories?post=1409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxclick.org\/wp-json\/wp\/v2\/tags?post=1409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}