Section 462: Power to exempt class or classes of companies from provisions of this Act
This section allows the Central Government to exempt certain classes of companies from provisions of the Act in the public interest.
The section, clause by clause
What the section says
In plain terms
(1)The Central Government may in the public interest, by notification direct that any of the provisions of this Act,—
The Central Government can direct that certain provisions of the Act do not apply to specific classes of companies or apply with exceptions and modifications.
(1)(a)shall not apply to such class or classes of companies; or (b) shall apply to the class or classes of companies with such exceptions, modifications and adaptations as may be specified in the notification.
(2)A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days, and if, both Houses agree in disapproving the issue of notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.
(3)In reckoning any such period of thirty days as is referred to in sub-section (2), no account shall be taken of any period during which the House referred to in sub-section (2) is prorogued or adjourned for more than four consecutive days.
When calculating the 30-day period for laying a draft notification before Parliament, any period where the House is prorogued or adjourned for more than 4 consecutive days is not counted.
(4)The copies of every notification issued under this section shall, as soon as may be after it has been issued, be laid before each House of Parliament.]
Every notification issued under this section must be laid before each House of Parliament as soon as possible after it is issued.
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.
Amendment notes
- 1. Subs. by Act 21 of 2015, s. 23, for sub-section (2) (w.e.f. 29-5-2015).
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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.