When Sec 370 of the COs. Act was applicable, one Exemption NOTIFICATION NO.GSR 309, DATED 20-2-1978. issued u/s 620 of the Cos Act, provided that Sec 370 was not applicable to GOVT. COS under circumstances mentioned therein.
Now, new Sec. 372A has replaced Sec. 370. What is the status of / applicability for GOVT. COs w.r.t. Sec. 370.
Will any knowledgeable person enlighten me on this ?
Hello,
I think section 372A is applicable to a Govt. Company.
However following sections are not applicable for sure:
255, 2257, 259, 263, 264, 268, 269, 294AA(2), 294AA(3), 198, 309, 310, 311, 387, 388, 316, 317 and 386.
Wait for other opinions about the applicability of section 372A.
Best Regards
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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