The Central Government in Public Interest; granted exemption to Government Companies producing Defence equipment (including Space Research) from certain disclosure requirements relating to General Instructions for preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013 to be effective form FY 2015-16; subject to the following conditions:
- The Board of Directors of the Company has given consent with regard to non-disclosure of information relating to paras 5(ii)(a)(1), 5(ii)(a)(2), 5(ii)(e), 5(iii), 5(viii)(a), 5(viii)(b), 5(viii)(c) and 5(viii)(e), as may be applicable;
- The Company shall disclose in the Notes forming part of the balance sheet and profit and loss account, the fact of grant of exemption under this notification;
- The company shall comply with the prescribed Accounting Standards;
- The company shall ensure that its financial statements represent a true and fair state of affairs of its finances; and
- The company shall maintain and file such information as may be prescribed or called for or required by the Government or the Reserve Bank of India or any other regulator.