9911796707
TMI BlogRegarding company declared as Nidhi or Mutual Benefit Society under section 620AX X X X Extracts X X X X X X X X Extracts X X X X ..... after referred to as such Nidhi or Mutual Benefit Society) shall, after the publication of this notification, ( i ) carry on the business of chit fund, hire purchase, insurance or any business in shares or debentures; ( ii ) open any new branch in any place outside the local limits of the district wherein its Registered Office is located; ( iii ) open any new current account with its members; ( iv ) admit as member any body corporate or trust; ( v ) issue any new equity shares of nominal value exceeding rupees ten; ( vi ) issue any new shares to any select group of persons other than bona fide depositors; ( vii ) acquire control of any other company by way of acquisition of shares, or by composition of the Boa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Society from its members are more than fifty crore rupees : Provided that no Nidhi or Mutual Benefit Society shall give to any borrower loans and advances exceeding seven lakh fifty thousand rupees if such Nidhi or Mutual Benefit Society had not made profits in the three preceding years. ( xvi ) be allowed to raise deposits beyond 20 crore of rupees but in the case of Nidhis having deposits beyond this limit on the date of this notification shall not accept further deposit from such date : Provided that where the deposits exceed the above limits (rupees twenty crore or the deposits as on 30-9-1999 as the case may be) such company shall; ( A ) cease to be such Nidhi or Mutual Benefit Society, under the Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efit Society, such Nidhi or Mutual Benefit Society shall recall the loan to bring the aggregate amount of loan to fifteen lakh rupees within a period of one year; ( b ) every such Nidhi or Mutual Benefit Society shall, after the publication of this notification ( i ) ensure that its membership is not reduced to less than two thousand members at any time; ( ii ) obtain certificate every year from the statutory auditors certifying that it has complied with the directions specified in this notification and has maintained its books of account according to recognised principles of accounting; ( iii ) ensure that the total of its net owned fund and its preference share capital is not less than twenty-five lakh rupees or such h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any nationalised bank; ( viii ) in case of default in making refund of deposit to more than ten depositors, allow to monitor its working by a special officer appointed by the Central Government; ( ix ) comply with the directions given by such special officer appointed under sub-clause ( viii ) of this clause; ( x ) allow special audit to be conducted by the auditors appointed by the Central Government and such auditors shall furnish to that Government (A) a certificate regarding compliance of all the requirements specified in this notification; (B) a certificate complying with the provisions of sub-section (4A) of section 227 of the Companies Act, 1956 (1 of 1956) : Provided that every auditor shall send a detaile ..... X X X X Extracts X X X X X X X X Extracts X X X X
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