Companies Act Section 467 — Power of Central Government to amend Schedules
CHAPTER XXIX MISCELLANEOUS
Commercial / Corporate
Summary
Sub-section (1) allows the Central Government to change any of the regulations, rules, Tables, forms, or other provisions that appear in any of the Schedules attached to this Act. This power can be exercised through a formal public notification, but it is subject to the other conditions laid out in this section.
Sub-section (2) states that any change made through such a notification takes effect as if it were originally written into the Act itself, and it becomes operative on the date the notification is issued, unless the notification specifies a different date. However, there is a specific protection: if the change affects Table F of Schedule I, it will not apply to any company that was already registered before the date of that change.
Sub-section (3) requires that every change made by the Central Government under this section must be placed before both Houses of Parliament as soon as possible after it is made. It must remain before Parliament for a total of thirty days, which can be spread across one session or multiple successive sessions. If, before the end of the session immediately following those thirty days, both Houses agree to modify the change, or both Houses agree that the change should not be made at all, then the change will only take effect in its modified form or will have no effect, depending on what the Houses decide. Importantly, any such modification or cancellation does not affect the validity of anything that was already done under the original change before that modification or cancellation happened.
Official Text
(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.
(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:
Provided 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.