Nothing apply to a company in which 26% or more of the paid-up share capital is held by the Central Government or one or more State Governments or both, in respect of loans provided by such company for funding Industrial Research and Development projects in furtherance of its objects as stated in its memorandum of association
And
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And
Now this will be also exempted from the preview of Section - 8 Company which was earlier applicable on section 8 companies
(1) Every company shall have a Board of Directors consisting of individuals as directors and shall have—
(b) a maximum of fifteen directors:
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