Clarification in respect of Circular No. 02/2011

Companies have been seeking clarification from MCA about the exemption granted under Section 212 (8) of the Companies Act, 1956, vide its Circular No. 02/2011 dated 08th February, 2011. The MCA has vide Circular No. 22/2011 dated 2nd May, 2011 clarified that all the Companies whether listed or unlisted, have to fulfill all the Conditions mentioned in the Circular for availing the exemption under Section 212 (8) of the Companies Act, 1956.