Section 462 — Power to exempt class or classes of companies from provisions of this Act

(1) The Central
Government may in the public interest, by notification direct that any of the provisions of this Act,—
(a) shall not apply to such class or classes of companies; or
(b) shall apply to the class or classes of companies with such exceptions, modifications and
adaptations as may be specified in the notification.
1[(2) A copy of every notification prop osed to be issued under sub -section (1), shall be laid in draft
before each House of Parliament, while it is in session, for a total period of thirty days, and if, both Houses
agree in disapproving the issue of notification or both Houses agree in making a ny modification in the
notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified
form as may be agreed upon by both the Houses.
(3) In reckoning any such period of thirty days as is referred to in sub -section (2), no account shall be
taken of any period during which the House referred to in sub -section (2) is prorogued or adjourned for
more than four consecutive days.
(4) The copies of every notification issued under this section shall, as soon as may be after it has been