MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS

(Department of Company Affairs)

NOTIFICATION

New Delhi, the 25th April, 2000

G.S.R. 347(E).—In exercise of the powers conferred by sub-section (1) of section 637 of the Companies Act, 1956(1 of 1956), the Central Government here/Sy makes the following further amendments in the notification in the Government of India, Ministry of Law, Justice and Company Affairs (Department of Compamy Affairs) No. G.S.R. ‘737 (E) dated 1-11-1999 namely:

In the said notifications,(1) in clause (a) in sub-clause (xvi), in the proviso after item (B), the following shall be inserted, namely:—

“Provided that Nidhis having deposits of Rs. 50 crores and above, shall be allowed incremental deposits of 2% per annum of the deposits as on the date of last balance sheet, for the next ten years”;

(ii) in clause (a), for sub-clauses (xvii), (xviii) and (xix), the following clauses shall be substituted, namely:­”(xvii) have branches outside the States in which its registered office is situated:Provided that in case such Nidhis have completed 25 years on 1st November, 1999, then, the number of branches as it was existing on that date should not be increased;

(xviii)  have not more than 3 branches in a State in which its registered office is situated:Provided that in case such Nidhis have completed 25 years on 1st November, 1999 then, the number of branches as it was existing on that date should not be increased;

(xix)  have not more than 3 branches in a District in which its registered office is situated:Provided that in case such Nidhis have completed 25 years on 1st November, 1999, then, the number of branches as it was existing on that date should not be increased;

(xixa) the Nidhis mentioned in sub-clauses (xvii) to (xix) shall reduce the number of branches as it was existing on the 1st day of November, 1999 within a period of ten years from the date of publication of this notification”;

(iii) in clause (a), for clause (xxi) the following shall be substituted, namely:—

” (xxi) accept deposit for a period of less than six months, but this shall not include savings accounts kept by members separately earmarked for the limited purposes of crediting the loan and interest amounts and with­drawn periodically”;

(iv) in clause (b), in sub-clause (v), for second proviso, the following shall be substituted, namely:

“Provided further that in case of retirement of two-third of directors, or more in any one year, then, one-third of the total number of directors shall vacate office in the ensuing Annual General Meeting immediately due and balance number of directors shall retire at the two, subsequent Annual General Meetings due later”.

[File No. 5/37/99-CL-V]

A. RAMASWAMY, Jt. Secy.

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