In exercise of the powers conferred by Sections 173, 177, 178 and Section 186 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. (1) These rules may be called the Companies (Meetings of Board and its Powers) Amendment Rules, 2019.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Meetings of Board and its Powers) Rules, 2014, in Rule 11, in sub-rule (2), for the words “business of financing of companies”, the words “business of financing industrial enterprises” shall be substituted.
Please refer to the sub-rule without the above amendment below:
(2) For the purposes of clause (a) of sub-section (11) of section 186, the expression “business of financing of companies” shall include, with regard to a Non-Banking Financial Company registered with the Reserve Bank of India, “business of giving of any loan to a person or providing any guaranty or security for due repayment of any loan availed by any person in the ordinary course of its business”.
Ministry of Corporate Affairs
[Notification dt. 11-10-2019]