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.
2. A copy of every notification proposed 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 which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in disapproving the issue of the notification or both Houses agree in making any 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.
Legal Commentary & Landmark Judgments: Section 462
Section 462 empowers the Central Government, in the public interest, to issue notifications exempting any class or classes of companies (including private, Section 8, government, and IFSC companies) from specified provisions of the Act.
When assessing compliance for private companies or IFSC entities, always consult the operative Section 462 notifications (e.g. Notification GSR 464(E) for private companies); exemptions regarding related party transactions, general meeting notices, and board powers override general provisions.