Transfer of National Housing Bank control to Central Government enables relocation, capital augmentation, and governance changes. Amendment to section 29A substitutes the reference to the Companies Act, 1956 with the Companies Act, 2013. Clauses 159-174 of the Bill transfer ownership of the National Housing Bank from the Reserve Bank to the Central Government, permit the Central Government to fix the head office location, empower it to increase authorised capital and receive transfer of subscribed capital, reduce Reserve Bank representation on the Board from two directors to one, and make consequential statutory references to the Companies Act, 2013 and the Foreign Exchange Management Act, 1999.
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Transfer of National Housing Bank control to Central Government enables relocation, capital augmentation, and governance changes.
Amendment to section 29A substitutes the reference to the Companies Act, 1956 with the Companies Act, 2013. Clauses 159-174 of the Bill transfer ownership of the National Housing Bank from the Reserve Bank to the Central Government, permit the Central Government to fix the head office location, empower it to increase authorised capital and receive transfer of subscribed capital, reduce Reserve Bank representation on the Board from two directors to one, and make consequential statutory references to the Companies Act, 2013 and the Foreign Exchange Management Act, 1999.
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