Power of Central Government or Company Law Board to accord approval, etc., subject to conditions and to prescribe fees on applications

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....aw Board to accord approval, etc., subject to conditions and to prescribe fees on applications GSR 603(E). In exercise of the powers conferred by sub-section (1) of section 637A of the Companies Act, 1956 (1 of 1956) the Central Government hereby directs that-   (a)  no company declared as a Nidhi or Mutual Benefit Society under section 620A of the said Act, before the date of this....

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.... that the existing Nidhis or Mutual Benefit Societies shall be given time to reach the said minimum amount of ten lakh rupees within- (A)  a period of three years from the date of this notification ; or (B)  such further period as the Central Government may, after recording the reasons in writing for so doing, extend :         Provided further ....