Exemption from company accounts clause for government industry promotion companies, with disclosure required for specified income items.
The Central Government directs that clause (b) of sub section (3) of section 209 of the Companies Act, 1956 shall not apply to government companies promoting and developing industries in relation to interest on seed money or bridge loans, interest on instalments for industrial plots or sheds, and claims for special handloom sale rebates, provided any such accrued income not accounted for is disclosed by note in the company's annual accounts.

Disclosure exemption: central government exempts a government company from board-report disclosure obligations under companies law.
Central Government directed under section 620(1) that clause (e) of section 217(1), read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, shall not apply to Hindustan Aeronautics Limited, Bangalore, as it is a Government company, and the draft notification was laid before both Houses of Parliament.