The Ministry of Corporate Affairs (MCA) through Notification No. GSR 583 (E) dated 13 June, read with a corrigendum dated 13 July, granted the following exemptions to private companies under the Companies Act, 2013.
The definition of “financial statement” shall not include a cash flow statement for start-up companies.
Startups were granted exemption to the prohibition on accepting deposits from members of a company for five years from the date of incorporation.
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