(1)In the case of a company in which not less than twenty-five per cent of the subscribed share capital is held, whether singly or in any combination, by-(a)a public financial institution or a Government company or Central Government or any State Government, or(b)any financial or other institution established by any Provincial or State Act in which a State Government holds not less than fifty-one per cent of the subscribed share capital, or(c)a nationalised bank or an insurance company carrying on general insurance business, the appointment or re-appointment at each annual general meeting of an auditor or auditors shall be made by a special resolution.
