New Delhi ~ 11th October

The Government in the Department of Company Affairs (DCA) has issued a notification amending Schedule XV to the Companies Act 1956 by omitting serial numbers 3 4 5 and 6 and the entries relating thereto with immediate effect.

This paves the way for disinvestment of coal minerals metals including zinc, petroleum products and petro-chemicals from the purview of the Companies Act. The exemption granted so far to the existing monopolistic holdings in these sectors has been withdrawn. This will also enable the Government to meet the challenges of the emerging globalization of Indian economy by divesting public holdings in these five sectors.

The notification has been issued under Sub-Section (1) of Section 641 of the Companies Act 1956 read with Clause (b) of Sub-Section (2) of Section 1088 of the Companies Act.