Notifications issued under sections 620A and 637A of Companies Act, 1956, relating to nidhis/'mutual benefit societies, explained

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..... NO. 1/3/98-CL-V], DATED 18-3-1998, ISSUED BY THE DEPARTMENT OF COMPANY AFFAIRS 1. As the ROCs are aware, those companies which have been declared to be nidhis or mutual benefit societies, as the case may be, by this Department by notification in the Gazette of India in terms of section 620A of the Companies Act, 1956 have, inter alia, the following characteristics :     u&nb....

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....dated 23rd February, 1998. 3.1 This notification amends Schedule III of this Department's notification No. GSR 978, dated 28th May, 1963. It introduces a new proviso below the existing entry relating to section 309(4). 3.2 This relates to managerial remuneration. These companies have now been exempted from obtaining Central Government's approval for the managerial remuneration payable by the....