Section 56, The Companies (Amendment) Act, 2014

Section 321 of the Companies Act, 2009 is repealed andreplaced by the following new section– “321. A private company shall file with the Commission the annual returns required under section 318 a certificate signed by a director or secretary of the company that the company has not, since the last return or in the case of a first return, since the date of the incorporation of the company, issued, any invitation to the public to subscribe for any shares or debentures of the company; and where the annual return discloses the fact that the number of members of the company exceeds 50 also a certificate so signed that the excess consist wholly of persons who, under this Act, are not to be included in reckoning the number of 50"