After section 393 of the principal Act, the following section shall be inserted, namely:—Exemptions under this Chapter."393A. The Central Government may, by notification, exempt any class of—(a)foreign companies;(b)companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India,as may be specified in the notification, from any of the provisions of this Chapter and a copy of every such notification shall, as soon as may be after it is made, be laid before both Houses of Parliament.".
