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TMI BlogRegarding Nidhi CompaniesX X X X Extracts X X X X X X X X Extracts X X X X ..... ng Nidhi Companies G.S.R. 309(E).- In exercise of the powers conferred by sub-section (1) of section 637A of the Companies Act, 1956 (1 of 1956), and in supersession of Notification of the Government of India, Ministry of Law, Justice and Company Affairs (Department of Company Affairs) No. GSR 556(E) dated 26-7-2001, except as respects things done or omitted to be done before such supersession, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndard Asset No provision Sub-standard Asset 10% of the aggregate outstanding amount Doubtful Asset 25% of the aggregate outstanding amount Loss Asset 100% of the aggregate outstanding amount Explanation - In this direction,-- (1) "Standard Asset" means the asset in respect of which no default in repayment of principal or payment of interest is perceived and which does not disclose any pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fall in the recovery of the loan account is expected because the documents executed may become invalid if subjected to legal process or for any other reason; (5) "Non-Performing Asset" will be that borrowal account where interest income and/or instalment of loan towards repayment of principal amount remained unrealised for 12 months: Provided that the Nidhi Companies or Mutual Benefit Societies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or aggregate outstanding amount of loan as applicable. No income shall be recognised on such loans outstanding after the expiry of three months period or sale of jewellery, whichever is earlier. 2. The above prudential norms for revenue recognition and classification of assets shall be applicable to all Nidhi Companies or Mutual Benefit Societies notified under section 620A of the Companies Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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