Notifications notifying provisions of the Act as not applicable or applicable with modification in relation to Government companies - GSR 550(E), - Companies Law

Notification : No. GSR 550(E), dated 16 ‑ 5 ‑ 1989. Subject:- Notifications notifying provisions of the Act as not applicable or applicable with modification in relation to Government companies PROVISIONS NOT TO APPLY GSR 550(E).- 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 the provisions of clause (b) of sub‑section (3) of section 209 of the said Act shall not apply to a Government company engaged in the business of financing industrial projects and approved by the Central Government under section 36(1)(viii) of the Income‑tax Act, 1961 (43 of 1961 ), to the extent it relates to income from interest on loans and advances, provided that such accrued income, which is not accounted for in the books of account is disclosed by way of note in the annual accounts, a copy of this notification having been laid in draft before both the Houses of Parliament as required by sub‑section (2) of section 620 of the said Act.