Section 3(e) in The Companies (Temporary Restrictions On Dividends) Act, 1974
(e)a company which has been exempted under sub- section (3) of section 104 of the Income- tax Act, 1961 , (43 of 1961 ) from the operation, of that section. Explanation I.- For the purpose of clause (c), the business of a company shall be deemed to consist mainly in the construction of ships or in the manufacture or processing of goods or in mining or in the, generation or distribution of electricity or any other form of power, if the income attributable to any of the aforesaid activities included in its gross total income for the relevant financial year is not less than fifty- one per cent. of such total income. Explanation II.- For the purposes of clauses (c) and (d)," Indian company" has the meaning assigned to it in clause (26) of section 2 of the Income- tax Act, 1961 , (43 of 1961 .) but shall not include a corporation established by or under a Central, State or Provincial Act.
