Companies (Meetings of Board & its Powers) Amendment Rules, 2015

The Ministry of Corporate Affairs has issued a General Notification with respect to the Companies (Meetings of Board & its powers) Amendment Rules, 2015 dated 18th March, 2015, and which says that in exercise of the powers conferred under sections 173, 175, 177, 178, 179, 184, 185, 186, 187, 188, 189 and section 191 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Meetings of Board and its Powers) Rules, 2014, namely:”

(1) These rules may be called the Companies (Meetings of Board and its Powers) Amendment Rules, 2015.
(2) They shall come into force on the date oftheir publication in the Official Gazette.

In the Companies (Meetings of Board and its Powers) Rules, 2014,
in rule 8.
(i) item numbers (3), (5), (6), (7), (8) and (9) and the entries relating thereto shall be omitted:

The items highlighted in bold are being omitted by the virtue of this rule 8:

(1) to make political contributions;
(2) to appoint or remove key managerial personnel (KMP);
[(3) to take note of appointment(s) or removal(s) of one level below the Key Management Personnel;]
(4) to appoint internal auditors and secretarial auditor;
[(5) to take note of the disclosure of director™s interest and shareholding;]
[(6) to buy, sell investments held by the company (other than trade investments), constituting five percent or more of the paid up share capital and free reserves of the investee company;]
[(7) to invite or accept or renew public deposits and related matters;]
[(8) to review or change the terms and conditions of public deposit;]
[(9) to approve quarterly, half yearly and annual financial statements or financial results as the case may be.]

in rule 10, in the proviso, for the word ‘principle’, the word ‘principal’ shall be substituted.

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