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of <h1>Defining 'Nidhi' mutual benefit companies: Central Government notification power and 30-day Parliament draft review requirements</h1> Section 406 defines a 'Nidhi' or 'Mutual Benefit Society' as a company declared as such by the Central Government through notification in the Official Gazette. It authorizes the Central Government to notify that specified provisions of the Act will either not apply to Nidhis or will apply subject to stated exceptions, modifications, and adaptations. Any proposed notification must be laid in draft before each House of Parliament for a total of 30 days while in session, and if both Houses disapprove or require modifications, the notification must not be issued or must be issued only in the modified form. Periods of prorogation or adjournment exceeding four consecutive days are excluded from computing the 30 days. Issued notifications must be laid before Parliament promptly.
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