The Companies (Amendment) Act, 2020 has been notified, bringing into force the following provisions:
- Public companies can issue such a class of securities for the purposes of listing on permitted stock exchanges in permissible foreign jurisdictions.
- Central government can exempt certain classes of public companies, including the above, from provisions of certain chapters of the Companies Act, 2013, such as the chapter regarding 'Prospectus and Allotment of Securities', the chapter regarding 'Private Placement', the chapter regarding 'Share Capital and Debentures', provisions regarding beneficial ownershipunder section 89 and section 90 or punishment to failure to distribute dividends under section 127 of the Companies Act, 2013
Ministry of Corporate Affairs has appointed October 30, 2023, as the date on which the abovementioned provisions would come into force.
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