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Norms for revenue recognition and classification of assets applicable to Nidhi or Mutual Benefit Society – (Supersession of Notification No. GSR 556(E) dated 26.07.01).
In the Companies (Central Government’s) General Rules and Forms, 1956, in rule 20, for the letters and figures “Rs.1,000” the letters and figures “Rs.5,000” shall be substituted.
In exercise of the powers conferred by sub-section (1) of section 637 A of the Companies Act, 1956 ( 1 of 1956), and in supersession of Notification of the Government of India, Ministry of Law, Justice & Company Affairs (Department of Company Affairs) No GSR 556(E) dated 26.7.2001, except as respects things done or omitted to be done before such supersession, the Central Government hereby directs that
provided in the case of Nidhis incorporated on or before 26th July,2001 having deposits in excess of the aforesaid limits, the same shall be brought to the prescribed limit by increasing the Net Owned Fund position or alternatively by reducing the deposit
Declaration of NABARD as a Public Financial Institution under section 4A of the Companies Act, 1956
Section 117C will apply to debentures issued and pending to be redeemed and as such DRR is required to be created for debentures issued prior to 13.12.2000 and pending redemption subject to clarifications issued herein.
In exercise of the powers conferred by sub-section (2) of section 4A of the Companies Act, 1956 (1 of 1956), the Central Government hereby specifies the following institution to be a public financial institution and for that purpose makes the following amendment in the Notification of the Government of India, in the Ministry of Law, Justice and Company Affairs.
In exercise of the powers conferred by sub-section (2A) of section 217 read with clause (a) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Particulars of Employees) Rules, 1975, namely
Nominee Directors appointed by the Public Financial Institutions and Companies established under the Acts of Parliament having non-obstante provisions over the Companies Act, 1956, like IDBI, LIC, UTI, IIBI etc., in their respective statutes shall not be liable to be disqualified for appointment as directors by virtue of Section 274(1)(g) of the Companies Act, 1956.
It has been already clarified in Departmental Circular No. 6/2001 dated 20.08.2001 that the term “auditors” includes Cost Auditor and hence “scope of audit including observations of the auditors” occurring in the above sub-section includes the scope of audit including observations of the Cost Auditors as well.
