3. ACT NOT TO APPLY IN CERTAIN CASES.
Unless the Central Government, by notification otherwise directs, this Act shall not apply to –
(a) any undertaking owned or controlled by a Government company,
(b) any undertaking owned or controlled by the Government,
(c) any undertaking owned or controlled by a corporation (not being a company) established by or under any Central, Provincial or State Act,
(d) any trade union or other association of workmen or employees formed for their own reasonable protection as such workmen or employees,
(e) any undertaking engaged in an industry, the management of which has been taken over by any person or body of persons in pursuance of any authorisation made by the Central Government under any law for the time being in force,
(f) any undertaking owned by a co-operative society formed and registered under any Central, Provincial or State Act relating to co-operative societies,
(g) any financial institution.
Explanation : In determining, for the purposes of clause (c), whether or not any undertaking is owned or controlled by a corporation, the shares held by financial institutions shall not be taken into account.