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of <h1>Central Government Can Declare Companies as 'Nidhi' Under Section 406; Requires Parliamentary Review and Notification Process.</h1> Section 406 of the Companies Act, 2013, defines a 'Nidhi' or 'Mutual Benefit Society' as a company that the Central Government can declare as such through a notification. The government can specify which provisions of the Act will not apply or will apply with modifications to these entities. Notifications must be presented in draft form to both Houses of Parliament for a total of thirty days. If both Houses disapprove or suggest modifications, the notification must be issued accordingly. Notifications must be laid before Parliament after issuance.
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