Annual reports where one or more State Governments are members of companies (Section 395 of the Companies Act, 2013) :

Section 395 of the Companies Act, 2013 seeks to provide that one or more state governments who is a member of a company where no Central government is a member shall prepare annual reports on the working and affairs of the company. According to this section:

(i) Where the Central Government is not a member of a Government company, every State Government which is a member of that company, or where only one State Government is a member of the company, that State Government shall cause an annual report on the working and affairs of the company to be—

(a) Prepared within the time specified in sub-section (1) of section 394; and

(b) as soon as may be after such preparation, laid before the House or both Houses of the State Legislature together with a copy of the audit report and comments upon or supplement to the audit report referred to in sub-section (1) of that section.

(ii) Application of the provisions to the Government Company in liquidation: The provisions of this section and section 394 shall, so far as may be, apply to a Government company in liquidation as they apply to any other Government company.