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of <h1>Central Government Can Make Rules Under Section 642 of Companies Act 1956, Subject to Parliamentary Approval</h1> Section 642 of the Companies Act, 1956 empowers the Central Government to make rules by notification in the Official Gazette for matters prescribed by the Act and to fulfill its purposes. Rules made under this section may include penalties for contraventions, with fines up to five thousand rupees and additional daily fines for ongoing violations. These rules must be presented before Parliament for thirty days, during which modifications or annulments can be made. Similarly, regulations by the Securities and Exchange Board of India under this Act must also be laid before Parliament, subject to the same conditions for modification or annulment.
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