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Cabinet approves change in the definition of a 'Private Sector Company'

India Blooms News Service | | 31 Mar 2015, 10:28 pm
New Delhi, Mar 31 (IBNS) Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved the change in the definition of a ‘Private Sector Company’ in the guidelines for financial support to Public Private Partnerships in Infrastructure under the Viability Gap Funding Scheme (VGF Scheme).

This has been done to remove any ambiguity in interpretation of the term ‘Private Sector Company’ and to align it with the definition of ‘Government Company’ at Section 2 (45) of the Companies Act, 2013.

"The definition of a ‘Private Sector Company’ has been amended to mean a company which is not a 'Government Company', where 'Government Company' is defined under Section 2 (45) of the Companies Act, 2013 as …. Any company in which not less than fifty-one per cent of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments, and includes a company which is a subsidiary company of such a Government company," the government said in a statement.

Approval has also been given to the Finance Minister to approve any amendment to the Scheme that does not result in any material alteration to the Scheme.

This will enable the Department to make quick changes to meet the economic challenges thrown up by the changing economic situation.