Section 395: Annual reports where one or more State Governments are members of companies
This section is for requiring State Governments that are members of certain companies to prepare and submit annual reports on those companies.
The section, clause by clause
What the section says
In plain terms
(1)Where the Central Government is not a member of a Government company, every State Government which is a member of that company, or where only one State Government is a member of the company, that State Government shall cause an annual report on the working and affairs of the company to be—
Every State Government that is a member of a company where the Central Government is not a member must prepare an annual report on the company's working and affairs within the time specified, and then lay it before the State Legislature with the audit report and comments.
(1)(a)prepared within the time specified in sub-section (1) of section 394; and
(1)(b)as soon as may be after such preparation, laid before the House or both Houses of the State Legislature together with a copy of the audit report and comments upon or supplement to the audit report referred to in sub-section (1) of that section.
(2)The provisions of this section and section 394 shall, so far as may be, apply to a Government company in liquidation as they apply to any other Government company.
The rules in this section and the previous section also apply to Government companies that are being liquidated, in the same way they apply to other Government companies.
(2)CHAPTER XXIV REGISTRATION OFFICES AND FEES
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.
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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.