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of <h1>Amendment to Companies Act: Nidhi Companies Must Allocate Pre-Tax Profit for Income Reversal and NPAs</h1> The Central Government, exercising its powers under the Companies Act, 1956, has amended Notification No. GSR 309(E) from April 30, 2002, concerning Nidhi companies and Mutual Benefit Societies. The amendment mandates these entities, incorporated on or before July 26, 2001, to make provisions for income reversal and non-performing assets for loans outstanding as of March 31, 2002. Specific percentages of pre-tax profit are to be allocated over several years, starting from 2006. The accounts must clearly reflect these provisions, and statutory auditors are required to certify their accuracy, ensuring transparency in financial reporting.
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