Unlike the erstwhile Companies Act, 1956 (Old Act), the Companies Act 2013 (the Act) did not provide for any exemptions/privileges to private companies. This brought a sudden shift in the regulatory landscape for private companies and increased the compliance requirements and costs. However vide notification GSR 476(E) dated 5th June 2015 (Principal Notification) the Ministry of Corporate Affairs (MCA) notified inter-alia exemptions to private companies from certain provisions of the Act.
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