{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"144","heading":"Amendment of section 48","text":"Amendment of section 48. 144. In section 48 of the principal Act, in sub-section (2),— (i) | in clause (a), for the word \"members\", the word \"directors\" shall be substituted; (ii) | for clause (aa), the following clauses shall be substituted, namely:— \"(aa) the manner of disclosure of interest by a director under section 4B; (ab) the conditions subject to which the Board may consent to related party transactions under section 4C; (ac) the securities and instruments which may be issued under section 5; (ad) the manner of reservation in favour of life insurance policyholders and allotment against such reservation, in relation to a public issue, under clause (a) of sub-section (9) of section 5;\"; (iii) | after clause (h), the following clauses shall be inserted, namely:— \"(ha) | the manner in which general meetings shall be held, and the business to be transacted and procedure to be followed thereat; (hb) | the quorum for a general meeting, and the manner of holding the meeting if it could not be held for want of quorum and was adjourned under section 23A; (hc) | the manner in which persons may attend a general meeting and exercise their vote; (hd) | the manner in which notices may be served on behalf of the Corporation upon members or other persons; (he) | the form and manner in which the financial statements referred to in sub-section (8) of section 24B may be issued, circulated or published; (hf) | matters that may be prescribed under clause (n) of sub-section (1) of section 24C; (hg) | the manner and procedure of selection and conditions of appointment of auditors under sub-section (1) of section 25; (hh) | the form in which an auditor who has resigned shall indicate the reasons and other facts relevant to the resignation under sub-section (2) of section 25A; (hi) | the matters to be prescribed under clause (j) of sub-section (3) of section 25B; (hj) | the duties and powers of the Corporation's auditor with reference to the audit of a branch or office of the Corporation and the auditor thereof, under sub-section (6) of section 25B; (hk) | the details, procedure and documents under sub-section (6) of section 28C.\".","html":"

Amendment of section 48.

144. In section 48 of the principal Act, in sub-section (2),—

(i)in clause (a), for the word \"members\", the word \"directors\" shall be substituted;
(ii)for clause (aa), the following clauses shall be substituted, namely:—
\"(aa) the manner of disclosure of interest by a director under section 4B;
(ab) the conditions subject to which the Board may consent to related party transactions under section 4C;
(ac) the securities and instruments which may be issued under section 5;
(ad) the manner of reservation in favour of life insurance policyholders and allotment against such reservation, in relation to a public issue, under clause (a) of sub-section (9) of section 5;\";
(iii)after clause (h), the following clauses shall be inserted, namely:—
\"(ha)the manner in which general meetings shall be held, and the business to be transacted and procedure to be followed thereat;
(hb)the quorum for a general meeting, and the manner of holding the meeting if it could not be held for want of quorum and was adjourned under section 23A;
(hc)the manner in which persons may attend a general meeting and exercise their vote;
(hd)the manner in which notices may be served on behalf of the Corporation upon members or other persons;
(he)the form and manner in which the financial statements referred to in sub-section (8) of section 24B may be issued, circulated or published;
(hf)matters that may be prescribed under clause (n) of sub-section (1) of section 24C;
(hg)the manner and procedure of selection and conditions of appointment of auditors under sub-section (1) of section 25;
(hh)the form in which an auditor who has resigned shall indicate the reasons and other facts relevant to the resignation under sub-section (2) of section 25A;
(hi)the matters to be prescribed under clause (j) of sub-section (3) of section 25B;
(hj)the duties and powers of the Corporation's auditor with reference to the audit of a branch or office of the Corporation and the auditor thereof, under sub-section (6) of section 25B;
(hk)the details, procedure and documents under sub-section (6) of section 28C.\".
","words":368,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/144/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}