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.
Legal Commentary & Landmark Judgments: Section 467
Section 467 authorizes the Central Government to amend, alter, or add to any of the requirements contained in Schedules I to VII of the Companies Act, 2013 by notification in the Official Gazette, subject to parliamentary scrutiny.
When preparing financial statements (Schedule III) or structuring managerial remuneration (Schedule V), verify the latest MCA notifications amending the Schedules under Section 467; non-compliance with amended Schedule requirements renders accounts defective under Section 129.