Section 467: Power of Central Government to amend Schedules
This section allows the Central Government to amend the Schedules to this Act and sets out the process and effect of such amendments.
The section, clause by clause
What the section says
In plain terms
(1)Subject to the provisions of this section, the Central Government may, by notification, alter any of the regulations, rules, Tables, forms and other provisions contained in any of the Schedules to this Act.
The Central Government can change any regulations, rules, tables, forms, or other provisions in the Schedules to this Act by issuing a notification.
(2)Any alteration notified under sub-section (1) shall have effect as if enacted in this Act and shall come into force on the date of the notification, unless the notification otherwise directs:
Changes made under this power take effect from the date of the notification, unless stated otherwise, but do not apply to companies registered before the change if it involves Table F of Schedule I.
provisoProvided that no such alteration in Table F of Schedule I shall apply to any company registered before the date of such alteration.
(3)Every alteration made by the Central Government under sub-section (1) shall be laid as soon as may be after it is made before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the alteration, or both Houses agree that the alteration should not be made, the alteration shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done in pursuance of that alteration.
The Central Government must present every change it makes to both Houses of Parliament for 30 days, and if both Houses agree to modify or cancel the change, it will take effect in the modified form or be cancelled, without affecting anything done previously.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for sub-section (2) (w.e.f. 15-11-2016).
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.