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of <h1>India exempts defense companies from specific profit and loss disclosures under Companies Act, 2013, Section 129(6).</h1> The Government of India, through the Ministry of Corporate Affairs, issued a notification on September 4, 2015, under sub-section (6) of section 129 of the Companies Act, 2013. This directive exempts government companies producing defense equipment, including space research, from certain disclosure requirements in the preparation of their Statement of Profit and Loss as per Schedule III of the Act. The exemption is contingent upon board consent, disclosure of the exemption in financial notes, adherence to accounting standards, truthful financial representation, and compliance with information requests from regulators. This applies to financial statements for years ending on or after March 31, 2016.
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