Government company modification power: central government may exempt or adapt Act provisions, subject to parliamentary review. Central Government may, by notification, exempt government companies from specified provisions of the Companies Act or allow those provisions to apply with stated exceptions, modifications or adaptations, excluding certain named sections. Draft notifications must be laid before Parliament and, if both Houses disapprove or agree on modifications within the prescribed period, the notification shall not be issued or shall be issued only in the modified form agreed by both Houses.