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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Government Companies Not Under 'Same Management' as Defined in Section 370; President or Governor Holds Shares Constitutionally.</h1> The circular addresses whether government companies fall under the same management as defined in sub-section (1B)(iii) of section 370, given that the President of India or a State Governor holds the majority of shares and controls voting rights. The Department concludes that since these shares are held by the President or Governor due to constitutional provisions, and not as individuals, government companies are not considered under the same management according to section 370. Consequently, the provisions of sub-section (1B)(iii) do not apply to government companies.
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