Section 394: Annual reports on Government companies
This section is for requiring annual reports on Government companies to be prepared and laid before Parliament and State Legislatures.
The section, clause by clause
What the section says
In plain terms
(1)Where the Central Government is a member of a Government company, the Central Government shall cause an annual report on the working and affairs of that company to be—
The Central Government must prepare an annual report on a Government company within three months of its annual general meeting and then lay it before both Houses of Parliament along with the audit report and comments.
(1)(a)prepared within three months of its annual general meeting before which the comments given by the Comptroller and Auditor-General of India and the audit report is placed under the proviso to sub-section (6) of section 143; and
(1)(b)as soon as may be after such preparation, laid before both Houses of Parliament together with a copy of the audit report and comments upon or supplement to the audit report, made by the Comptroller and Auditor-General of India.
(2)Where in addition to the Central Government, any State Government is also a member of a Government company, that State Government shall cause a copy of the annual report prepared under sub- section (1) to be laid before the House or both Houses of the State Legislature together with a copy of the audit report and the comments upon or supplement to the audit report referred to in sub-section (1).
If a State Government is also a member of the company, it must lay a copy of the annual report before the State Legislature along with the audit report and comments.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
This section refers to
Referred to by
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.