Amendments to Companies Act: Nidhis with Rs. 50 crore deposits can increase by 2% annually; branch limits and director retirement revised.

The notification issued by the Ministry of Law, Justice and Company Affairs on April 25, 2000, introduces amendments to GSR 737(E) dated September 1, 1999, under the Companies Act, 1956. Key changes include allowing Nidhis with deposits of Rs. 50 crores or more to increase deposits by 2% annually for ten years. Restrictions are placed on the number of branches Nidhis can have, with specific provisions for those existing as of November 1, 1999. The amendments also address deposit acceptance terms and the retirement process for directors, ensuring a staggered retirement over three annual general meetings.

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