Power to modify Act ‑ Notification notifying provisions of the Act as not applicable or applicable with modification in relation to nidhis, etc.
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Power to modify Companies Act: notification limits Act's applicability to nidhis and mutual benefit societies with tailored rules.
Government, invoking section 620A of the Companies Act, 1956, declares listed companies as nidhis and mutual benefit societies and directs that specified provisions of the Act shall either not apply or shall apply with the exceptions, modifications and adaptations set out in Schedule III; operative changes include modified service and notice rules, a five percent voting cap, exemptions from certain sections, adjusted dividend and meeting procedures for small members, prescribed deposit for director nominations, disclosure of member capacity loans to directors, modified remuneration approvals for non whole time directors, and a reduced filing fee calculation for returns of allotment.
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