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of <h1>Govt Amends Companies Act 1956 for Nidhis & Mutual Benefit Societies; Key Changes in Voting, Dividends, Director Pay.</h1> The Central Government, exercising powers under Section 620A of the Companies Act, 1956, issued Notification No. GSR 978 on May 28, 1963. This notification classifies specific companies as nidhis and mutual benefit societies, listed in Schedules I and II. It also modifies the applicability of certain provisions of the Companies Act for these entities, as detailed in Schedule III. Key modifications include changes to service of documents, voting rights, dividend payments, and director remuneration. Certain sections, like 67(3) and 81, do not apply, while others apply with specified modifications to better suit the operational structure of nidhis and mutual benefit societies.
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