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of <h1>Govt Companies Exempt from Companies Act Section 370, Require Approval for Loans and Guarantees per Notification GSR 309</h1> The Central Government, exercising its authority under section 620(1) of the Companies Act, 1956, issued Notification GSR 309 on February 20, 1978. This notification specifies that section 370 of the Companies Act will not apply to government companies where the entire paid-up capital is held by either the Central Government and its nominees or a State Government and its nominees. However, these companies must obtain approval from the respective government before making loans, giving guarantees, or providing securities under section 370.
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