Impact of capital gains on transfer of agricultural lands

A State Public Sector undertaking company is transferring its agricultural lands situated in Maharashtra within specified distance and falling with in definition of Capital Asset u/s 2(14) of I.T. Act,1961 to State Government of Maharashtra at the ready reckoner rates. What could be the Capital Gains tax implications in the hands of transferor Company. Can the Company claim exemption for the capital gains arising out of above the transaction and if so on what grounds. Also can the case of the Company be covered u/s 10(37) of Income Tax Act 1961