Power to exempt classes of companies: executive may notify exemptions or modifications subject to parliamentary review and disapproval. The Central Government may, by notification in the public interest, exempt any class or classes of companies from provisions of the Act or permit their application with specified exceptions, modifications and adaptations. Proposed notifications must be laid in draft before each House of Parliament for review; if both Houses agree to disapprove the notification it shall not be issued, and if both Houses agree on modifications it may be issued only in the modified form.