Section 449 of the Companies Act, 2013
Section 449 of the Companies Act, 2013
"Power of Central Government to exempt any class or classes of companies from provisions of this Act"
📘 Bare Act Summary:
Section 449 empowers the Central Government to exempt any class or classes of companies or any provisions of the Companies Act, 2013, either wholly or partly, subject to certain conditions.
🔍 Key Provisions:
Exemption Power:
The Central Government may, by notification, exempt:
Any class or classes of companies, or
Any provisions of this Act (the Companies Act, 2013),
Purpose:
To provide relief or special treatment to certain companies or sectors.
To address special situations where strict compliance may not be feasible or necessary.
Conditions:
Such exemptions may be granted for a limited time or with conditions to protect public interest.
🏛️ Examples of Usage:
Exemptions to small companies, startups, or specific sectors.
Temporary exemptions during extraordinary circumstances (e.g., COVID-19 relief).
Special rules for government companies or financial institutions.
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