In force · As amended up to 2026-08
49. Special provisions for private banking companies .—The exemptions, whether express or implied, in favour of a private company in[1] [sections 90, 165, 182, 204 and 255, clauses (a) and (b) of sub-section (1) of section 293 and sections 300, 388A and 416 of the Companies Act, 1956 (1 of 1956)], shall not operate in favour of a private company which is a banking company.
Source: India Code