Section 637A(1) of the Companies Act, 1956 – Power of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications – Nidhis/Mutual Benefit Society – Amendment in Notification No. GSR 555(E), dated 26-7-2001

NOTIFICATION NO. G.S.R.881(E), DATED 3-11-2010

ISSUED BY MINISTRY OF CORPORATE AFFAIRS

In exercise of the powers conferred by sub-section (1) of Section 637A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendments in the notification of the Government of India, erstwhile Ministry of Law, Justice and Company Affairs (Department of Company Affairs) No. GSR 555(E), dated 26-7-2001, and published in the Gazette of India, in Part II, Section 3, sub-section (i), dated the 26th July, 2001, namely:—

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In the said notification, in clause (1),—

(i) in sub-clause (d),—

(a) in item (i), for the first proviso, the following Proviso shall be substituted, namely:—

“Provided in the case of Nidhi incorporated on or before the 26th July, 2001 having deposits in excess of the aforesaid limits, the same shall be brought to the specified limit by increasing the Net Owned Fund position or alternatively by reducing the deposit according to the time table given below:

Ratio of Net Owned Fund to Deposits (as on 31-3-2010) Date by which the company has to achieve prescribed ceiling of 1:20
(1) (2)
(a) more than 1:20 but up to 1:25 By 31-3-2010
(b) More than 1:25 but up to 1:30 By 31-3-2012
(c) More than 1:30 but up to 1:40 By 31-3-2013
(d) More than 1:40 but up to 1:45 By 31-3-2014
(e) More than 1:45 but up to 1:50 By 31-3-2015”;

(b) in item (ii),—

1. in sub-item (A), For the figures and words “12 months”, the figures and words “06 months” shall be substituted;

2. in sub-item (C), For the figures “20,000”, the figures “50,000” shall be substituted;

(ii) in sub-clause (h), in item (ii), for the words “five percent”, the words “seven and half percent”, shall be substituted.

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