Regarding Nidhi Companies

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....airs (Department of Company Affairs) No GSR 555(E) dated 26.7.2001, and published in the Gazette of India, in Part II, Section 3, sub-section (i) dated 26.7.2001, namely: - In the said notification, in clause (1), -      (i) in sub-clause (a), -           (a) for item (iv), the following item shall be substituted,  namely:-           "(iv) issue any equity share of nominal value less than rupees 10/- :      Provided that this shall apply to Nidhi companies  incorporated on and after the  issue of  the said notification i.e. 26.7.2001:         Pro....

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.... By 31.3.2007           (B) in item (i), for the explanation, the following explanation shall be substituted, namely: - " Explanation: - "Net Owned Funds" means the aggregate of paid up equity capital and free reserves as reduced by accumulated losses and intangible assets appearing in the last audited balance sheet of the company. A reserve shall be considered as a "free reserve" if it is available for distribution as dividend. Further, the amount representing the proceeds of issue of preference shares shall not be included for calculating Net Owned Funds. However, for Nidhis or Mututal Benefit Societies existing on or before 26.7.2001, the proceeds of issue of preference shares shall be....

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....A),  the following proviso shall be inserted, namely; - "provided that  this provision shall not be applicable to the account holders of savings account and recurring deposit only";      (vii) in sub-clause (g), the following proviso, shall be inserted, namely: - "provided that in  the case of Nidhi companies or Mutual Benefit Society existing on or before 26^th July, 2001,  the said prescribed limit of 10%  of the total deposits shall be achieved progressively  as per schedule  given below: SCHEDULE  Date and year as on   Percentage to be achieved 31.3.2002 2% of the total deposits 31.3.2003 5% of the total deposits 31.3.2004 10% of th....