On 30.10.2023, MCA notifies the amendments in Section 23- “Public offer and private placement”, of the Companies Act, 2013 w.e.f. 30.10.2023.
By the Companies (Amendment) Act, 2020 (s.5), the following two sub-sections were inserted:
“(3) Such class of public companies may issue such class of securities for the purposes of listing on permitted stock exchanges in permissible foreign jurisdictions or such other jurisdictions, as may be prescribed.
(4) The Central Government may, by notification, exempt any class or classes of public companies referred to in sub-section (3) from any of the provisions of this Chapter, Chapter IV, section 89, section 90 or section 127 and a copy of every such notification shall, as soon as may be after it is issued, be laid before both Houses of Parliament.”
The above provisions enforced w.e.f 30.10.2023 vide the notification no. S.O. 4744(E) dated 30th October, 2023.