TMI BlogExemptions to Nidhis under section 462 of CA 2013X X X X Extracts X X X X X X X X Extracts X X X X ..... 620A of the Companies Act, 1956, except as respects things done or omitted to be done before such supersession, the Central Government in the interest of public, hereby directs that certain provisions of the Companies Act, 2013 , as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations, as specified in column (3) of the said Table, to Nidhis, namely:- Serial No. Provisions of the Companies Act, 2013 Exceptions, modifications and Adaptations (1) (2) (3) 1. Sub-section (2) of section 20 Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shall apply, subject to the modification that any dividend payable in cash may be paid by crediting the same to the account of the member, if the dividend is not claimed within 30 days from the date of declaration of the dividend. 7. Section 127 Shall apply, subject to the modification that where the dividend payable to a member is one hundred rupees or less, it shall be sufficient compliance of the provisions of the section, if the declaration of dividend is announced in the local language in one local newspaper of wide circulation and announcement of the said declaration is also displayed on the notice board of the Nidhis for at least three months. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o is neither managing director nor whole-time director or manager for performing special services to the Nidhis specified in the articles of association may be paid by way of monthly payment subject to the approval of the company in general meeting and also to the provisions of section 197 : Provided that no approval of the company in general meeting shall be required where,- (a) a Nidhi does not have a managing director or a whole-time director or a manager; (b) the remuneration payable during a financial year to all the directors of the Nidhi does not exceed ten per cent. of the net profits of such Nidhi or fifteen lakh rupees, whichever is less; and (c) a remuneration payable under clause (b) i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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