Investments by exempted companies are covered under the section even after cessation of exemption

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..... Sub‑section (14) of section 372 provides that the provisions of section 372 shall not apply to (a) any banking or insurance company; (b) a private company, unless it is a subsidiary of a public company; (c) any company established with the object of financing, whether by way of making loans or advances to, or subscribing to the capital of, private industrial enterprises in India, in any .....

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