Power of Central Government or Company Law Board to accord approval, etc., subject to conditions and to prescribe fees on applications - GSR 721(E), - Companies Law

NOTIFICATION NO. GSR 721(E), DATED 7-12-1998, ISSUED BY THE DEPARTMENT OF COMPANY AFFAIRS, MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS Subject:- Power of Central Government or Company Law Board to accord approval, etc., subject to conditions and to prescribe fees on applications GSR 721(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 further modifications in the notification in the Government of India, Ministry of Finance (Department of Company Affairs) number GSR 603(E), dated the 20th October 1997, namely : In the said notification, in the first paragraph, in clause (b), for sub-clause (i), the following sub-clause shall be substituted, namely: "(i) ensure that the total of its net owned fund and its preference share capital is not less than twenty-five lakh rupees or such amount as the Central Government may specify from time to time : Provided that the existing Nidhis or Mutual Benefit Societies shall reach the amount of twenty-five lakh rupees before the 31st day of December, 2002.".