Government Companies - Power to modify Act ‑ Notifications notifying provisions of the Act as not applicable or applicable with modification in relation to Government companie - GSR 309, - Companies Law

Notification : No. GSR 309, dated 20 ‑ 2 ‑ 1978. Subject:- Government Companies - Power to modify Act ‑ Notifications notifying provisions of the Act as not applicable or applicable with modification in relation to Government companies GSR 309.- In exercise of the powers conferred by sub‑section (1) of section 620 of the Companies Act, 1956 (1 of 1956), the Central Government hereby directs that section 370 of the said Act shall not apply to a Government company in respect of which the entire paid‑up capital is held by (a) the Central Government and its nominees, or (b) a State Government and its nominees: Provided that such company shall obtain the approval of the Central Government or the Slate Government, as the case may be, before making any loan or giving any guarantee or providing any security under the said section 370.