Section 637 of the Companies Act,
1956 – Power of central government or tribunal to accord approval, subject to
conditions and to prescribe fees on application
In
exercise of the powers conferred by sub-section (1) of section 637 A of the
Companies Act, 19.56 (1 of 1956), the Central Government hereby makes the following
amendments in the notification of the Government of India in the erstwhile
Ministry of Law, Justice and Company Affairs (Department of Company Affairs)
number G.S.R. 555(E) dated the 26th July, 2001, published in the Gazette of
India, Part II, section 3, Sub-section (i) dated the 26th July, 2001, namely :—
In
the said notification, in clause (1),
in sub-clause (d), in item (i), in the first proviso, for the Table, the
following Table and the provisos shall be substituted, namely :—
|
Ratio of Net Owned Fund to Deposits (as on 31-3-2007) |
Date by which the company was required to achieve the
prescribed ceiling of 1:20 |
Extended date by which the company has to achieve the
prescribed ceiling of 1:20 |
|
(a) Up to
1:20 |
31-3-2007 |
31-3-2007 |
|
(b) More
than 1:20 but up to 1:30 |
31-3-2007 |
31-3-2009 |
|
(c) More
than 1:30 and above |
31-3-2007 |
31-3-2010—subject to the condition that the company
achieves the ratio of 1:30 by 31-3-2009 |
Provided
that the companies covered under (a) above should not accept fresh deposits or
renew existing deposits if such acceptance or renewal leads to violation of the
prescribed ratio and the companies covered under (b) and (c) should not
accept fresh deposits or renew existing deposits till they achieve the
prescribed ratio :
Provided
further that no request for extension of date mentioned in the Table above
shall be entertained from any company or their representative body and the continued
violation of the prescribed ratio would attract penal provisions including
de-notification of the defaulting nidhi companies”.
F. No. 4/2/2007-CL-VI]