Section 637A(1) of the Companies Act, 1956 – Powers of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications – Nidhi or Mutual Benefit Society – Amendment in Notification No. G.S.R. 309(E), dated 30-4-2002
NOTIFICATION NO. G.S.R. 880(E), DATED 3-11-2010
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 309(E), dated the 30th April, 2002, and published in the Gazette of India, in Part II, Section 3, Sub-section (i), dated the 30th April, 2002, namely :—
In the said notification, in clause (1) in sub-clause (ii), in item (a),—
(i) after the Table and before the Explanation, the following Note shall be inserted, namely :—
“Note – The estimated realisable value of the collateral security to which such Nidhi or the mutual benefit society has valid recourse may be reduced from the aggregate outstanding amount if the proceedings for sale of mortgaged property have been initiated in a court of Law within the previous two years of the interest, income or installment remaining unrealised.”
(ii) For the Table occurring after Explanation, the following Table shall be substituted, namely:—
TABLE
| For the period ended | Extent of Provision |
| 31-3-2010
31-3-2011 31-3-2012 31-3-2013 31-3-2014 31-3-2015 |
Un provided balance on an equal basis over the 5 years |
(iii) below the Table as so substituted, after the second proviso, the following proviso shall be inserted, namely :—
Provided also that the outstanding Non-performing assets as at 31-3-2010 would be worked out and provided according to the note under the clause (ii)(a) on equal installments till 31-3-2015.
