Section 467 of the Companies Act, 2013
Section 467 of the Companies Act, 2013 grants the Central Government the power to amend the Schedules to the Act.
⚖️ Section 467 – Power of Central Government to amend Schedules
Bare Act Summary:
Central Government may, by notification, alter any of the Schedules to the Companies Act, 2013 (such as Schedule I, II, III, IV, etc.).
Every such alteration shall be laid before each House of Parliament, while it is in session, for a total period of 30 days (which can be spread over one or more sessions).
If both Houses of Parliament agree to modify or annul the notification, the notification will be effective only in the modified form or cease to have effect (as applicable), but such modification or annulment shall not affect the validity of actions already taken under it.
✅ Key Points:
The Central Government has delegated power to make changes to Schedules without amending the entire Act.
Parliamentary oversight is retained, as the notification must be laid before both Houses.
Examples of Schedules:
Schedule I – Forms of Memorandum and Articles of Association
Schedule II – Useful lives of assets for depreciation
Schedule III – Format of financial statements
Schedule IV – Code for Independent Directors
📌 Objective:
To allow flexibility in updating procedural or technical details (in the Schedules) without amending the main body of the Act, while ensuring transparency through Parliamentary review.
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