Para 2.5.1 — MSO

2.5.1 The nationalised industries and State Undertakings, whether of the Central, State or Union Territory Governments, which function on commercial lines and whose commercial accounts come under the audit of the Comptroller and Auditor General can be broadly grouped into the following four categories:

(i) Government companies (as defined in Section 617 of the Companies Act, 1956), i.e. companies in which the Central, State and/or Union Territory Governments own not less than 51 per cent of the paid-up share capital;

(ii) companies that are deemed Government companies under Section 619-B of the Companies Act, 1956;

(iii) statutory bodies wholly or mainly financed by Government and set up under Acts of Parliament and/or State or Union Territory Legislature; and

(iv) concerns, i.e. Government commercial and quasi-commercial departmental undertakings, that are managed departmentally.