Central Government is a member of the Government company

As regards Annual Report. (a) Where the Central Government is a member of the Government company. the Central Government shall prepare the
annual report on the working and affairs of the company within 3 months of its Annual General Meeting before which the audit report is placed. The annual
report is to be laid before both the Houses of Parliament together with a copy of the audit report and the comments or supplementary report of the
Comptroller and Auditor-General of India. Section 619 (A)
(b) Where the Central Government and a State Government both are
the members of the Government company, that State Government shall also '"
place a copy of the annual report (prepared by the Central Government) , together with a copy of the audit report and the comments before the House
or both Houses of the State Legislature Sec. 619A (2).
(c) Where the Central Government is no. a member of the Government,
every State Government which is a member shall cause an annual report on the working and affairs of the company to be prepared within the same time
(as referred to above) and then soon after lay it before the House or both the. Houses of State Legislature along with the audit report and comments there
3. As regards the Application of Companies Act. A Government comp . is registered under the Companies Act as a 'public' or a 'private' company. The
Central Government may, by notification in the official Gazette, direct that ilny of the provisions of the Companies Act shall not apply to the central
company or shall apply with such exceptions, modification or adaptations as may be specified in the notific-dtion. Such notification should be approved by
the Parliament (Sec. 620).
Subject to such notifications, the Government companies arc at par in all cases, with any other limited company, public or private (as the case may be)
without any discrimination.
In exercise of the powers conferred us 620, the Central Government has exempted Government companies from the application of many provisions of
the Companies Act.