Amendment in Notification No. GSR 978(E), dated 31-8-2006

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....ction (2) of section 620A read with sub-section (1) of section 637A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendments in the Notification of the Government of India, the erstwhile Ministry of Commerce and Industry (Department of Company Law Administrations) No. GSR 978 dated 28th May, 1963, and published in the Gazette of India, in Part II, Sectio....

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....viso Shall not apply. Section 77(1) Shall not apply, when shares are purchased by the company from a member on his ceasing to be a depositor or borrower and it shall not be considered as reduction of capital under section 100 to section 104 of the Companies Act, 1956. Section 81 Shall not apply. Section 87(1)(b) Shall apply subject to the modification that no member shall exer....

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....pees or less, it shall be sufficient compliance of the provisions of the section, if the declaration of dividend is announced in the local language in one local newspaper of wide circulation and announcement of the said declaration is also displayed in the notice board of the Nidhi or Mutual Benefit Society for at least three months. Section 219(1) Shall apply, subject to the modification th....

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....000 is required to be deposited under sub-section (1) of section 257 of the Act while proposing the name of a candidate for election as director. Section 296 Shall not apply provided the loan is given to a director or his relative in their capacity as members and such transaction is disclosed in the annual accounts by a note. Section 309(4) Shall apply with the modification that the re....