Section 637A(1) of the Companies Act, 1956 - Nidhis/Mutual Benefit Society - Amendment in Notification No. GSR 555(E), dated 26-7-2001 - GSR 881(E). - Companies Law

[PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY PART - II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 3 rd November, 2010 Subject:- Section 637A(1) of the Companies Act, 1956 - Nidhis/Mutual Benefit Society - Amendment in Notification No. GSR 555(E), dated 26-7-2001 GSR 881(E).- 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 : 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 31-3-2011 ( 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 per cent , the words seven and half per cent , shall be substituted. [F. No. 11/17/2009-CL-V] RENUKA KUMAR, Jt. Secy.