Notwithstanding anything contained in this Act, the of a may provide for the appointment of not less than two-thirds of the total number of the directors of a company in accordance with the principle of proportional representation, whether by the single transferable vote or by a system of cumulative voting or otherwise and such appointments may be made once in every three years and casual vacancies of such directors shall be filled as provided in sub-section (4) of section 161.
(The exceptions, modifications and adaptations provided above shall be applicable only to those Government Companies which has not committed a default in filing its financial statements under section 137 of the said act or annual return under section 92 of the said act with the registrar, vide notification dated 13th June, 2017)
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Enforcement notification S.O.2754 (E) dated 12/09/2013
Exemption to Govt Companies G.S.R. 463(E) dated 05/06/2015
Exemptions to Government Companies [Amendment to GSR 463(E)] dated 13/06/2017