Nidhi classification enables government to exempt or adapt company law provisions for mutual benefit societies subject to parliamentary oversight. The substituted section authorises the Central Government to declare a company a Nidhi or Mutual Benefit Society by notification and to exempt such ... Summary
Nidhi classification enables government to exempt or adapt company law provisions for mutual benefit societies subject to parliamentary oversight.
The substituted section authorises the Central Government to declare a company a Nidhi or Mutual Benefit Society by notification and to exempt such entities from specified provisions of the Act or apply those provisions with stated exceptions, modifications and adaptations; proposed notifications must be laid in draft before both Houses of Parliament for consideration and, if both Houses disapprove or agree modifications, the notification shall not be issued or shall be issued only in the modified form, with the laying period excluding prorogation or adjournment beyond four consecutive days.
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