Second Proviso to sub-section (1) of Section 203 of Companies Act, 2013
MINISTRY OF CORPORATE AFFIRS
New Delhi, the 25th July, 2014
S. O. 1913(E).—In exercise of the powers conferred by the second proviso to sub-section (1) of Section 203 of the Companies Act, 2013 (18 of 2013), the Central Government hereby notifies that public companies having paid-up share capital of rupees one hundred crore or more and annual turnover of rupees one thousand crore or more which are engaged in multiple businesses and have appointed Chief Executive Officer for each such business shall be the class of companies for the purposes of the second proviso to sub-section (1) of Section 203 of the said Act.
Explanation.—For the purposes of this notification, the paid-up share capital and the annual turnover shall be decided on the basis of the latest audited balance sheet.
[F. No. 1/5/2013-CL-V]
AMARDEEP SINGH BHATIA, Jt. Secy.