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In case of Government Company, Section 129 shall not apply to companies engaged in defence production to the extent of application of relevant Accounting Standard on segment reporting. Exemption notification dated 05.06.2015 is substituted vide notification dated 23.02.2018 To view the notification, Click Here
In case of Government Company, Section 129 shall not apply to the extent of application of Accounting Standard 17 (Segment Reporting) to the companies engaged in defence production vide GSR 463(E) dated 5th June, 2015.
(The exceptions, modifications and adaptations provided above shall be applicable only to those Government Companies which has not committed a default in filing its financial statements under section 137 of the said act or annual return under section 92 of the said act with the registrar, vide notification dated 13th June, 2017)
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Explanation. – For the purposes of this Act, the term ‘start-up’ or “start-up company” means a private company incorporated under the Companies Act, 2013 (18 of 2013) or the Companies Act, 1956 (1 of 1956) and recognised as start-up in accordance with the notification issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.
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form and manner Refer Rule 6- Companies (Accounts) Rules,2014 and General Circular No. 39-2014 .To view the rule, Click Here
as may be prescribed Refer Rule 5 of The Companies (Accounts)Rules,2014.To view the rule, Click Here
as may be prescribed Refer Rule 6 of The Companies (Accounts)Rules,2014.To view the rule, Click Here
Substituted vide Companies (Amendment) Act, 2017 dated 03.01.2018, effective from 07.05.2018. To view commencement notification, Click Here
To view the notification of Companies Amendment Act,2017 Click Here
Refer Rule 6- Companies (Accounts) Rules,2014 and General Circular No. 39-2014 .To view the rule, Click Here
Provided that Substituted vide Companies (Amendment) Act, 2017 dated 03.01.2018, effective from 07.05.2018. To view commencement notification, Click Here
Refer Rule 5 of The Companies (Accounts)Rules,2014.To view the rule, Click Here
Provided further that Substituted vide Companies (Amendment) Act, 2017 dated 03.01.2018, effective from 07.05.2018. To view commencement notification, Click Here
Refer Rule 6 of The Companies (Accounts)Rules,2014.To view the rule, Click Here
The Notification dated 05.02.2018 is amended to omit the restriction of seven years vide notification dated 02.04.2018. To view the Notification, Click Here
The provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years with effect from the 1st April, 2017, to a Government company which:—
(a) is a public financial institution under sub-clause (iv) of clause (72) of section 2 of the Companies Act, 2013;
(b) is a Non-Banking Financial Company registered with the Reserve Bank of India under section 45-IA of the Reserve bank of India Act, 1934; and
(c) is engaged in the business of infrastructure finance leasing with not less than seventy five per cent. of its total revenue being generated from such business with Government companies or other entities owned or controlled by Government vide notification dated 05.02.2018. To view the Notification, Click Here
129A. Periodical financial results Inserted vide Companies (Amendment) Act, 2020 dated 28.09.2020 with effect from 22.01.2021. To view the Act, Click Here and to view the commencement notification, Click Here .
