Sunday, August 14, 2016

Section 394 of Companies Act 2013

Section 394 of Companies Act 2013 :-

Annual reports on Government companies.

1.     Where the Central Government is a member of a Government company, the Central Government shall cause an annual report on the working and affairs of that company to be—
a.     prepared within three months of its annual general meeting before which the comments given by the Comptroller and Auditor-General of India and the audit report is placed under the proviso to sub-section (6) of section 143; and

b.    as soon as may be after such preparation, laid before both Houses of Parliament together with a copy of the audit report and comments upon or supplement to the audit report, made by the Comptroller and Auditor-General of India.

2.     Where in addition to the Central Government, any State Government is also a member of a Government company, that State Government shall cause a copy of the annual report prepared under sub-section (1) to be laid before the House or both Houses of the State Legislature together with a copy of the audit report and the comments upon or supplement to the audit report referred to in sub-section (1).

India's Important Case Laws and Landmark Judgments on Companies Act 2013.

Section 394 Companies Act 1956 has been repealed.

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