Companies Act Section 462 — Power to exempt class or classes of companies from provisions of this Act
CHAPTER XXIX MISCELLANEOUS
Commercial / Corporate
Summary
Sub-section (1) gives the Central Government the power, in the public interest, to issue a notification stating that any provision of this Act either does not apply to a particular class or classes of companies, or applies to them with specific exceptions, modifications, and adaptations as set out in the notification.
Under clause (a) of sub-section (1), the notification can make a provision of the Act completely inapplicable to a specified class or classes of companies.
Under clause (b) of sub-section (1), the notification can make a provision of the Act apply to a specified class or classes of companies, but with the exceptions, modifications, or adaptations that are detailed in the notification itself.
Sub-section (2) requires that a draft of every proposed notification under sub-section (1) be placed before each House of Parliament while it is in session, for a total period of thirty days. If both Houses agree to disapprove the notification, or both agree to modify it, then the notification will not be issued, or will be issued only in the modified form that both Houses have agreed upon.
Sub-section (3) explains how to count the thirty-day period mentioned in sub-section (2). Any period during which the relevant House is prorogued or adjourned for more than four consecutive days is not counted towards that thirty-day total.
Sub-section (4) states that once a notification is issued under this section, copies of it must be laid before each House of Parliament as soon as possible after it has been issued.
Official Text
(1) The Central Government may in the public interest, by notification direct that any of the provisions of this Act,—
(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. 1[
(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.
(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.]