Companies Act: central government may exempt classes of companies by notification, subject to parliamentary scrutiny and modification.

The Central Government may, in the public interest, by notification exempt class or classes of companies from any provision of the Act or apply provisions with specified exceptions, modifications and adaptations. Proposed notifications must be laid in draft before each House of Parliament for thirty days; if both Houses disapprove or require modification, the notification shall not be issued or only in the modified form. Periods when a House is prorogued or adjourned over four consecutive days are excluded from the thirty-day reckoning, and issued notifications must be laid before each House as soon as practicable.

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