Investments by exempted companies are covered under the section even after cessation of exemption

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Full Text of the Document

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....xemption Sub‑section (14) of section 372 provides that the provisions of section 372 shall not apply to (a) any banking or insurance company; (b) a private company, unless it is a subsidiary of a public company; (c) any company established with the object of financing, whether by way of making loans or advances to, or subscribing to the capital of, private industrial enterprises in India,....