Wednesday, February 15, 2017

Norms Relaxed for Ease of Doing Biz at GIFT City, India

The two notifications, for private and public companies, have been issued by MCA under Section 462 of the Act. The companies in IFSC have also been given administrative flexibility regarding filing of returns,forms, board reports, holding shareholder meetings, structure of holding company and key managerial personnel. General and board meeting rules have been relaxed and boards can pass certain resolutions through circular resolutions, without physical presence.

Restrictions regarding voting on related party transactions have also been relaxed. Also from internal audit requirements, on certain conditions. Public companies at IFSC have been exempted from appointment of a woman as director and of independent directors.

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