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

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....D 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 One of the main objectives of the company would be to enable the m....

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....s 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 them provided they satisfy certain conditions prescribed by the said notification. 4. Notification No. GSR 85(3) dated 23rd February, 1998. 4.1 This notific....