SECTION 620A
POWER TO MODIFY ACT
Notification
notifying provisions of the Act as not applicable or applicable with
modification in relation to nidhis, etc.
In exercise of the powers conferred by section 620A of the
Companies Act, 1956 (1 of 1956), the Central Government hereby--
i)
declares the companies specified in Schedules I and II annexed hereto as nidhis
and mutual benefit societies respectively;
and
ii)
directs that the provisions of the said Act specified in column (1) of Schedule
III annexed hereto shall not apply or, as the case may be, shall apply with the exceptions,
modifications and adaptations specified in the corresponding entry in column (2) thereof, to such nidhis and
mutual benefit societies
SCHEDULE I; NIDHIS
1. Adambakkam
Janopakara Saswatha Nidhi Ltd., Madras.
2. Alandur Praja
Sahaya Saswatha Nidhi Ltd., Madras.
3. Bhuvanagiri
HinduSaswatha Paropakara Nidhi Ltd., Madras.
4. Chennai Sri Andal
Dhanasekara Saswatha Nidhi Ltd., Madras.
5. Chennai Sri
Ekambareswarar Saswatha Nidhi Ltd., Madras.
6. Chidambajram
Hindu Saswatha Jananukula Nidhi Ltd., Madras.
7. Chingleput
Dhanasekara Nidhi Ltd., Madras.
8. Choolai
Janopakara Nidhi Ltd., Madras.
9. Conjeevaram
Hodsodnpet Dhanasekara Nidhi Ltd., Madras..
10. Cuddalore Permanent Fund Ltd., Madras.
11. Egmore Benefit Society Third Branch Ltd., Madras.
12. Kumbakonam Mutual Benefit Fund Ltd., Madras.
13. Madras Caktholic Permanent Fund Ltd., Madras.
14. Madras Christian Benefit Fund Ltd., Madras.
15. Madras Mutual Benefit Permanent Fund Ltd., Madras.
16. Madras Purasawalkam Hindu Janopakara Saswatha Nidhi or
the Permanent General Benefit Fund Ltd., Madras
17. Madura Hindu Permanent Fund Ltd., Madras.
18. Muthialpet Benefit Fund Ltd., Madras.
19. Mylapore Hindu Permanent Fund Ltkd., Madras.
20. Nagapatnam Permanent Fund Ltd., Madras.
21. Nungambakkam Saswatha Dhana Rakshaka Nidhi Ltd., Madras.
22. Pudupakkam Permanent Fund Ltd., Madras.
23. Purasawalkam Dhana Vardhana Saswatha Nidhi Ltd., Madras.
24. Purasawalkam Hindu Santhatha Sanga Nidhi 1st Branch
Ltd., Madras.
25. Purasawalkam Permanent Fund Ltd., madras.
26. Paraspara Sahaya Nidhi (Perambur) Ltd., Madras.
27. ShiyaliJanopakara Nidhi Ltd., Madras.
28. Sivaganga Shri Meenakshi Swadeshi Saswatha Nidhi Ltd.,
Madras.
29. Shri Villiputhur Permanent Fund Ltd., Madras.
30. Sunrise corporation Ltd., Madras.
31. Thiyagarayanagar Fund Ltd., Madras.
32. TinnelvellyDistrict Permanent Fund Ltd., Madras.
33. Tiruvatteeswaran Hindu Janopakara Nidhi Ltd., Madras.
34. Triplicane Permanent Fund Ltd., Madras.
35. Trivellore Janopakara Saswatha Nidhi Ltd. Madras.
36. Villupuram People's Mutual Benefit Society Ltd.,
Madras..
37. Abiramapuram Fund Ltd., Madras.
38. Arcot Dhana Sekara Nidhi Ltd., Madras.
39. Arcot, Tiruvalluvar Nidhi Ltd., Madras.
40. Saraswati Vilasam Shanmugananda Nidhi Ltd., Madras.
41. Thirumagal Mutual Benefit Fund Ltd., Madras.
42. Varalakshmi Fund (Vellore) Ltd., Madras.
43. Vellore Saswatha Nidhi Ltd., Madras.
44. Walajabad Dhanasekara Saswatha Nidhi Ltd., Madras.
45. Chittoor Saswatha Nidhi Ltd., Andhra Pradesh.
46. Madanapalle Sri Venkateswara Nidhi Ltd., Andhra Pradesh.
47. Anantapur Sri Satyanarayana Nidhi Ltd., Andhra Pradesh.
48. Nellore Permanent Fund Ltd., Andhra Pradesh.
49. Adoni Arya Vaisya Fund Ltd., Andhra Pradesh.
50. Dharamavaram Mutual Benefit Permanent Fund, Andhra
Pradesh.
51. Anantapur National Fund Ltd., Andhra Pradesh.
52. Hindupur Mutual Benefit Permanent Fund Ltd., Andhra
Pradesh.
53. Madakasira Mutual Benefit Permanent Fund Ltd., Andhra
Pradesh.
54. Penukonda MaruthiBenefit Permanent Fund Ltd., Andhra
Pradesh.
55. Bangalore Cantonment Permanent Fund Ltd., Mysore.
56. Harpanahallai Sree Venkataramanaswamy Permanent Bhandar
Ltd., Mysore.
57. Ballary Brucepettah Hindu Mutual Benefit Permanent Fund
Ltd., Mysore.
58. Hospet Ryots Agro-Industrial Corporation Ltd., Mysore.
59. Anantapur Sree Vasavamba Permanent Fund Ltd., Andhra
Pradesh.
60. Shri Vasavi Parameswari Permanent Fund Ltd., Madras.
61. Kuries & Trades Ltd., Ernakulam.
62. Saidapet Saswatha Nidhi Ltd., Madras
63. Shree Rajagiopaul Benefit Fund Ltd., Madras..
64. The Madras Chromepet Permanent Fund Ltd., Madras.
65. The Adoni Mutual Benefit Permanent Fund Ltd., Andhrad
Pradesh.
66. Sriman Madhva Sidhanta Permanent Nidhi Ltd.
67. Thirumylai Saswatha Sahaya Nidhi Ltd.
68. Taheri Aid Fund Ltjd.
69. Kumbakonam Diocesan Catholics Permanent Fund Ltd.
70. Matha Vara Nidhi Ltd.
71. Amritsar Radhasaomi Finance Com.(P) Ltd.
72. Nambalam Benefit Society Ltd.
73. Makkal Nala Abivirthi Nidhi Ltd.
74. Kilpauk Benenfit Society Ltd.
75. Samarasa Mutual Benefit Fund Ltd.
76. Chromepet Saswatha Nidhi Ltd.
77. Sri Raja Raja Cholan Mutual Benefit Fund Ltd.
78. Palghat Permanent Fund Ltd.
79. Grkama Nala Saswatha Nidhi Ltd.
80. Kondan Mutual Benefit Fund Ltd.
81. Sri Saithai Mutual Benefit Fund Ltd.
82. Mint Mutual Benefit Fund Ltd.
83. Annanagar Janopakara Nidhi Ltd.
84. Dhanalakshmi Funds (India) Ltd.
85. Aminjikarai Benefit Fund Ltd.
86.
87. Jawahar Nagar Nidhi (Madras) Ltd.
88. Shenoy Nagar Saswatha Nidhi Ltd., Madras.
89.
90.
91. Kayanat Permanent Fund Ltd.
92. Piravom Funds Ltd.
93. Chennapuri Mutual Benefit Fund Ltd.
94. Chetpet Saswatha Nidhi Ltd.
95. Royapettah Benefit Fund Ltd..
96. Shenoy Nagar Benefit Fund Ltd.
97. Kalaimagal Mutual Benefit Fund Ltd.
98. Mini Muthoottu Mutual Funds Ltd.
99. Dravidian Benefit Fund Ltd.
100. Ashoknagar Janopakara Saswatha Nidhi Ltd.
101.
102. St. Mary's Finance Ltd.
103. Tamilnadu Viswakarma Mutual Benefit Fund Ltd.
Every "mutual insurance conmpany" as defined in
clause (a) of sub-section (1) of section 95 of the Insurance Act, 1938 ( 4 of
1938)
SCHEDULE III: MODIFICATION
OF ACT IN ITS APPLICATION
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Provision of the Act Extent of application
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1
2
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Section
53(1)
Shall apply subject to the modification that in the
cases of: :
(i) a Nidhi or Mutual Benefit Society
without a
share capital, or
(ii)
a Nidhi or Mutual Benefit Society with a share
capital as regards those members who do not
hold shares of one hundred rupees or more in face
value or more than one per cent of the paid-up
capital, whichever is less;
The document may be served by
publication in the
notice board of the Nidhi or Mutual
Benefit Society
as the case may be, and at least in
two local newspapers
of wide circulation in the area in
which the Nidhi or.
as the case may be, the Mutual Benefit
Society is
situated, once in English in an
English newspaper and
once in a local language in a
newspaper of that
language.
Section
81 Shall not apply.
Section
87 (1)(b) Shall
apply subject to the modification that no
member shall exercise voting rights
in excess of five
per cent of the total voting rights
of the equity
shareholders.
Section
159(1) Shall apply subject to the modification that for the
words "two immediately preceding
years" in the
proviso, the words "five
immediately preceding years"
shall be substituted.
Section
160(1)(aa) Shall not
apply to a Mutual Benefit Society specified
in Schedule II only.
Section
205(5)(b)
Shall apply subject to the modification that any
dividend payable in cash may also be paid by crediting the same to the account of the
member if the dividend
is not claimed within forty-two days
of the announcement of the dividend.
Section
207 Shall apply subject to the modification that where the
dividend payable to a member is twenty-five rupees
or less it shall be sufficient
compliance of the provisions
of
the section if the declaration of dividend is
announced in two local newspapers of
wide circulation
once in English in an English newspaper and
once in the local language
in a newspaper of that
language and announcement of the
said declaration is
also displayed on the notice board
of the Nidhi or
Mutual Benefit Society for at
least three months.
Section
219(1) Shall
apply subject to the modification that in the
case of :
(i) a Nidhi or Mutual Benefit
Society without a share
capital, or
(ii) a Nidhi or Mutual Benefit
Society with a share
capital, so far as the members who do not individually
or jointly hold shares of one hundred
rupees or more in face value or more than one per
cent of the total paid-up capital, whichever is less,
are concerned;
It shall be sufficient compliance
with the provisions
of the section if the audited
accounts together with
the Auditors' and Directors' report
are exhibited in
the notice board of the Nidhi or
Mutual Benefit
Society, as the case maybe, and are
also published in
two local newspapers of wide
circulation in the area
where the Nidhi or, as the case may
be, the Mutual
Benefit Society is situated once in
English in an
English newspaper and once in the
local language in a
newspaper of that language.
Section
271 read with Shall
apply with the modification that the declaration
section
611 shall
be filed within five months after the appointment
and the additional fee in case it is
not so filed shall not
exceed the amount of the filing fee
payable.
Section
295 Shall
apply only where the loan is:
(a) two thousand rupees or more or
(b)
more than 25 per cent of the value of the security
Section
309(4) Shall
apply with the modification that the remuneration
of a Director who is neither in the
whole-time
employment of the Nidhi or Mutual
Benefit Society
nor a Managing Director, for
performing special
services to the Nidhi or Mutual
Benefit Society
specified
in the Articles of Association, may also be,
by way of monthly payment subject to
the approval of
the Central Government and also to
the provisions of
section 193.
Schedule
X Shall
apply with the modification that the filing fee in
respect of every return of allotment
under section 75
shall be calculated at the rate of
one rupee for every
one hundred rupees or part thereof,
in fact value of
the shares included in the return.
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*
NOTIFICATION NO. GSR 978, DATED 28-5-1963.