Date: 2015-06-05Category: Extra OrdinaryState: Union GovernmentCountry: India
The Central Govt. in the interest of public, hereby directs that certain provisions of the Companies Act, 2013, as specified in column (2) of the Table, shall not apply or shall apply with such exceptions, modifications and adaptations, as specified in column (3) of the said Table.
Executive Summary:
This notification, issued by the Ministry of Corporate Affairs, provides exceptions, modifications, and adaptations to specific sections of the Companies Act, 2013, as they apply to Nidhis. It supersedes previous notifications on the matter, with the condition that actions taken before this supersession remain valid. The notification aims to balance regulatory requirements with the interests of Nidhi shareholders.
Key Points / Main Content:
Applicability of the Companies Act, 2013 to Nidhis:
* Section 2(32): Modified such that Nidhi documents can be served to members holding shares of face value more than ₹1000 or more than 1% of total paid-up share capital, whichever is less. Other shareholders may be served via public notice in the district where the Registered Office of the Nidhi is situated and publication of the same on the notice board of the Nidhi.
* Section 42: Shall not apply, except subsection 1, explanation II to subsection 2, subsections 4, 6, 8, 9 and 10.
* Section 47(1)(b): Modified to limit voting rights on poll to a maximum of 5% of total voting rights of equity shareholders.
* Section 62: Shall not apply.
* Section 67(1): Shall not apply when shares are purchased by the company from a member ceasing to be a depositor or borrower; it will not be considered a reduction of capital under section 66.
* Section 123(5): Modified to allow dividend payments via direct credit to the member's account if unclaimed within 30 days of declaration.
* Section 127: Modified such that if dividend payable is ₹100 or less, declaration announcement in a local newspaper and display on the Nidhi's notice board for at least three months is sufficient compliance.
* Section 136(1): Modified such that an intimation sent by public notice in newspaper circulated in the district in which the Registered Office of the Nidhi is situated stating the date, time and venue of Annual General Meeting and the financial statement with its enclosures can be inspected at the registered office of the company, and the financial statement with enclosures are affixed in the Notice Board of the company and a member is entitled to vote either in person or through proxy.
* Section 160(1): Modified by substituting "one lakh rupees" with "ten thousand rupees."
* Section 185: 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 197(1): Second proviso shall apply with the modification that the remuneration of a director who is neither managing director nor wholetime director or manager for performing special services to the Nidhis specified in the articles of association may be paid by way of monthly payment subject to the approval of the company in general meeting and also to the provisions of section 197: Provided that no approval of the company in general meeting shall be required where, a a Nidhi does not have a managing director or a wholetime director or a manager; b the remuneration payable during a financial year to all the directors of the Nidhi does not exceed ten per cent. of the net profits of such Nidhi or fifteen lakh rupees, whichever is less; and c a remuneration payable under clause b is approved by a special resolution passed in this behalf by the Nidhi.
* Section 403: Modified such that the filing fees in respect of every return of allotment under subsection 9 of section 42 shall be calculated at the rate of one rupee for every one hundred rupees or parts thereof on the face value of the shares included in the return but shall not exceed the amount of normal filing fee payable.
General Directives:
* Nidhis must ensure the protection of shareholder interests while complying with these modifications.
Impact Analysis:
Nidhis:
* Impact: Nidhis are subject to modified provisions of the Companies Act, 2013, as detailed in the notification. They must adhere to these changes in their operations.
* Action Required: Review and update operational practices to align with the specified exceptions, modifications, and adaptations.
Shareholders of Nidhis:
* Impact: Certain rights and procedures related to voting, dividend payments, and access to information are subject to modifications.
* Action Required: Be aware of the modified procedures for receiving notices, exercising voting rights, and claiming dividends.
Directors of Nidhis:
* Impact: Rules regarding loans and remuneration are altered.
* Action Required: Ensure compliance with modified rules on loans and disclosures.
Ministry of Corporate Affairs:
* Impact: Responsible for overseeing the implementation of these modifications.
* Action Required: Monitor compliance by Nidhis and address any issues arising from the implementation of these changes.
Key Entities Referenced
Companies Act, 2013: A law enacted in 2013, sections of which are being modified for application to Nidhis.
Section 462: Section of the Companies Act, 2013 providing power to exempt certain class of companies from certain provisions.
Nidhis: A type of Indian Non-Banking Financial Company (NBFC) recognized under Section 406 of the Companies Act, 2013. The notification specifies exceptions, modifications, and adaptations to the Companies Act, 2013 for Nidhis.
Section 406: Section of the Companies Act, 2013 pertaining to Nidhis.
Central Government: The executive branch of the Government of India, issuing the notification.
New Delhi: The capital of India, and the place where the notification was issued.
Section 620A: Section of the Companies Act, 1956.
Companies Act, 1956: An older version of the Companies Act, being superseded by the 2013 Act.
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ककककााााररररपपपपोोोोररररेेेेटटटट ककककाााायययय (cid:10)(cid:10) (cid:10)(cid:10)मममम(cid:13)(cid:13)ंं(cid:13)(cid:13)ंं ााााललललयययय
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:4)द(cid:6)ली, 5 जून, 2015
ससससाााा....ककककाााा....ििििनननन.... 444466665555((((अअअअ))))....————के(cid:11)(cid:12)ीय सरकार, कंपनी अिधिनयम, 2013 (2013 का 18) क(cid:17) धारा 406 के साथ प(cid:21)ठत
धारा 462 उपधारा (1) के खंड (क) और खडं (ख) (cid:24)ारा (cid:25)द(cid:26) शि(cid:29)य(cid:30) का (cid:25)योग करत े !ए और तारीख 31 अग%त, 2006 क(cid:17)
अिधसूचना सं)या सा.का.िन.517(अ) और 08 अ(cid:25)लै , 2011 क(cid:17) अिधसूचना स)ं या सा.का.िन. 326(अ) अथवा कंपनी
अिधिनयम, 1956 क(cid:17) धारा 620क के अधीन जारी (cid:4)कसी अ(cid:11)य अिधसूचना को अिध,ांत करते !ए, िसवाय उन बात(cid:30) के िज(cid:11)ह 1
ऐसे अिध,मण स े पूव5 (cid:4)कया गया ह ै अथवा करन े स े लोप (cid:4)कया गया ह,ै लोकिहत म 1 यह िनदशे दते ी ह ै (cid:4)क कंपनी अिधिनयम,
2013 के कितपय उपबंध, जो सारणी के %त6भ (2) म1 िविन8द9 ह,: के (cid:4)क(cid:11)ही िनिधय(cid:30) को उ(cid:29) सारणी के %त6भ (3) म1 यथा
िविन8द9 अपवाद(cid:30), उपांतरण(cid:30) और अनुकूलन(cid:30) सिहत लागू नह< होग1 या लाग ूहोग,1 अथा5त ्:—
,.स.ं कंपनी अिधिनयम, 2013 के अपवाद, उपातं रण और अनुकूलन
उपबंध
(1) (2) (3)
1. धारा 20 क(cid:17) उपधारा 2 इन उपांतरण(cid:30) के अधीन रहत े !ए, लाग ू होगी (cid:4)क (cid:4)कसी िनिध के मामले के
द%तावेज क(cid:17) तामील केवल उ(cid:11)ही सद%य(cid:30) पर क(cid:17) जा सकेगी िजनके पास अं(cid:4)कत
मू(cid:6)य के एक हजार >पए से अिधक के शेयर या िनिधय(cid:30) क(cid:17) कुल समाद(cid:26)
शेयरपूंजी एक (cid:25)ितशत से अिधक, इनम 1 से जो भी कम हो, धारण करता ह।ै
अ(cid:11)य शेयरधारक(cid:30) के िलए, द%तावेज(cid:30) क(cid:17) उस िजले म,1 जहां िनिध का
रिज%@ीकृत काया5लय ि%थत ह,ै प(cid:21)रचािलत समाचार पB(cid:30) म1 (cid:4)कसी लोक सूचना
(cid:24)ारा और उस द%तावेज क(cid:17) िनिध के सूचनापC पर (cid:25)कािशत करके तामील क(cid:17)
जा सकेगी।
2. धारा 42, उसक(cid:17) उप-धारा लाग ू नह< होगी।
(1), उप-धारा (2) के
2512 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
%प9ीकरण, उप-धारा (4),
उप-धारा (6), उप-धारा
(8), उप-धारा (9) और उप-
धारा (10) के िसवाय
3. धारा 47 क(cid:17) उप-धारा (1) इस उपांतरण के अधीन रहत े !ए, लागू होगा (cid:4)क कोई भी सद%य इ(cid:4)Dटी
का खंड (ख) शेयरधारक(cid:30) के कुल मतािधकार के पांच (cid:25)ितशत स े अिधक मतािधकार का
(cid:25)योग मतदान म 1 नह< करेगा।
4. धारा 62 लाग ू नह< होगी।
5. धारा 67 क(cid:17) उप-धारा (1) तब लागू नह< होगी जब कंपनी (cid:24)ारा (cid:4)कसी सद%य से उसके िनGेपकता 5 या
देनदार न रहने पर, ,य (cid:4)कए गए ह(cid:30) और कंपनी अिधिनयम, 2013 क(cid:17) धारा
66 के अधीन पूंजी म1 कमी के >प म 1 नह< माना जाएगा।
6. धारा 123 क(cid:17) उप-धारा (5) इस उपांतरण के अधीन रहत े !ए, लाग ू होगी (cid:4)क नकद म 1 देय (cid:4)कसी लाभांश का
संदाय उस सद%य के खाते म1 जमा करके (cid:4)कया जा सकता ह,ै य(cid:4)द लाभांश क(cid:17)
दावा लाभांश क(cid:17) घोषणा के 30 (cid:4)दन के भीतर नह< (cid:4)कया जाता ह।ै
7. धारा 127 इस उपांतरण के अधीन रहते !ए, लागू होगी (cid:4)क जहां (cid:4)कसी सद%य को दये
लाभांश एक सौ Lपए या उससे कम का ह ै तो यह उस दशा म 1 धारा के उपबंध(cid:30)
का पया5M अनुपालन होगा य(cid:4)द, लाभांश क(cid:17) घोषणा क(cid:17) सूचना Nापक
प(cid:21)रचालन वाल े (cid:4)कसी एक %थानीय समाचार पB म 1 %थानीय भाषा म 1 दी गई
हो और उ(cid:29) लाभांश क(cid:17) घोषणा िनिधय(cid:30) के सूचना पC पर भी कम से कम तीन
मास तक (cid:25)दOशत भी क(cid:17) गई हो।
8. धारा 136 क(cid:17) उप-धारा (1) इस उपांतरण के अधीन रहत े !ए, लाग ू होगा (cid:4)क उन सद%य(cid:30) के मामल े म 1 जो
अं(cid:4)कत म(cid:6)ू य एक हजार Lपए से अिधक अथवा कुल समाद(cid:26) शेयरपूंजी के एक
(cid:25)ितशत से अिधक शेयर, इनम1 से जो भी कम हो, Nि(cid:29)क >प से या संयु(cid:29) >प
से धारण करत े ह,: इस धारा के उपबंध(cid:30) का पया5M अनुपालन होगा य(cid:4)द उस
िजले म 1 िजसम1 िनिध का रिज%@ीकृत काया5लय ि%थत ह,ै प(cid:21)रचािलत समाचार
पB म 1 वाOषक साधारण अिधवशे न क(cid:17) तारीख, समय और %थान क(cid:17) सूचना देत े
!ए यह कथन करत े !ए लोकसचू ना (cid:24)ारा यह संसूचना (cid:25)कािशत क(cid:17) गई हो (cid:4)क
कंपनी के िव(cid:26)ीय िववरण और इसके संलPक(cid:30) का िनरीGण कंपनी के
रिज%@ीकृत काया5लय म1 (cid:4)कया जा सकता ह ै और िव(cid:26)ीय िववरण संलPक(cid:30)
सिहत कंपनी के सूचना पC पर लगाया गया हो तथा कोई सद%य या Nि(cid:29)गत
>प से या परोGी के माQयम से मत देन े का हकदार ह।ै
9. धारा 160 उपधारा (1) म 1 “एक लाख Lपए” शRद(cid:30) के %थान पर “दस हजार Lपए” शRद
रखे जाएँगे।
10. धारा 185 लागू नह< होगी परंतु तब जब(cid:4)क उधार (cid:4)कसी िनदेशक या उसके नातेदार को
सद%य के >प म1 उसक(cid:17) हिै सयत म1 (cid:4)दया जाए और संNवहार का (cid:25)कटन एक
(cid:21)टSपण (cid:24)ारा वाOषक लेखे म 1 (cid:4)कया जाए।
11. धारा 197 क(cid:17) उप-धारा (1) इस उपारंतरण के साथ लाग ू होगा (cid:4)क िनिध के (cid:25)ित सगं म अनTु छेद म 1
िविन8द9 िविश9 सेवाV के अनुपालन के िलए (cid:4)कसी िनदेशक को जो न तो
का दसू रा परंतुक
(cid:25)बंध िनदेशक ह ै न पणू 5कािलक िनदेशक अथवा (cid:25)बंधक ह,ै पा(cid:21)रWिमक का
संदाय साधारण अिधवेशन म 1 कंपनी के अनुमोदन के और धारा 197 के उपबंध(cid:30)
के अधीन रहते !ए मािसक संदाय के >प म 1 (cid:4)कया जा सकेगा;
परंत ु साधारण अिधवेशन म 1 कंपनी का अनुमोदन उस दशा म 1 अपेिGत नह<
होगा जहां (cid:4)क –¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3
(क) िनिध म1 कोई (cid:25)बंध िनदशे क या पूण5कािलक िनदेशक या (cid:25)बंधक न हो;
(ख) (cid:4)कसी िव(cid:26)ीय वष5 के दौरान िनिध के सभी िनदेशक(cid:30) को देय
पा(cid:21)रWिमक ऐसी िनिध के शुX लाभ के दस (cid:25)ितशत अथवा पं(cid:12)ह लाख
Lपए, इनम 1 से जो भी कम हो, से अिधक न हो; तथा
(ग) खंड (ख) के अधीन देय पा(cid:21)रWिमक िनिध (cid:24)ारा इस िनिम(cid:26) पा(cid:21)रत
(cid:4)कसी िवशेष संक(cid:6)प (cid:24)ारा अनमु ो(cid:4)दत हो।
12. धारा 403 इस उपांतरण के साथ लागू होगी (cid:4)क धारा 42 क(cid:17) उपधारा (9) के अधीन
आबंटन संबंधी (cid:25)Zयेक िववरणी के संबंध म1 फाइल (cid:4)कए जाने क(cid:17) फ(cid:17)स क(cid:17)
गणना, िववरणी म 1 स6मिलत शेयर(cid:30) के अं(cid:4)कत म(cid:6)ू य पर (cid:25)Zयके सौ Lपए अथवा
उसके (cid:4)कसी भाग के िलए एक Lपए क(cid:17) दर स े क(cid:17) जाएगी \कत ु वह फाइल (cid:4)कए
जाने क(cid:17) साधारण फ(cid:17)स क(cid:17) रकम से अिधक नह< होगी।
2. िनिधयां पूव](cid:29) सारणी के %त6भ (3) म 1 ऐसे अपवाद(cid:30), उपातं रण(cid:30) और अनुकूलन(cid:30) का अनपु ालन करत े !ए,
अपन े शेयरधारक(cid:30) के िहत(cid:30) क(cid:17) संरGा सुिनि^त कर1गी।
3. कंपनी अिधिनयम, 2013 क(cid:17) धारा 462 क(cid:17) उपधारा (2) क(cid:17) अपGे ानुसार इस अिधसूचना क(cid:17) एक (cid:25)ित संसद
के दोन(cid:30) सदन(cid:30) के समG (cid:25)ा>प >प म 1 रखी गई ह।ै
[फा. सं. 2/11/2014-सीएल-V]
अमरदीप _सह भा(cid:21)टया, संयु(cid:29) सिचव
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 5th June, 2015
G.S.R. 465(E).—In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of
Section 462 read with section 406 of the Companies Act, 2013 (18 of 2013) and in supersession of notification
number GSR 517(E), dated the 31st August, 2006 and GSR 326(E), dated the 8th April, 2011 or any other
notification issued under section 620A of the Companies Act, 1956, except as respects things done or omitted
to be done before such supersession, the Central Government in the interest of public, hereby directs that
certain provisions of the Companies Act, 2013, as specified in column (2) of the Table, shall not apply or shall
apply with such exceptions, modifications and adaptations, as specified in column (3) of the said Table, to
Nidhis, namely:—
Serial Provisions of the Companies Exceptions, modifications and adaptations
No. Act, 2013
(1) (2) (3)
1. Sub-section (2) of Section 20 Shall apply subject to the modification that in the case of a
Nidhi, the document may be served only on members who
hold shares of more than one thousand rupees in face value or
more than one per cent. of the total paid-up share capital of the
Nidhis whichever is less.
For other shareholders, document may be served by a public
notice in newspaper circulated in the district where the
Registered Office of the Nidhi is situated; and publication of
the same on the notice board of the Nidhi.
2. Section 42 except sub-section (1), Shall not apply.
explanation (II) to sub-section (2),
sub-sections (4), (6), (8), (9) and
(10)4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
3. Clause (b) of sub-section (1) of Shall apply, subject to the modification that no member shall
Section 47 exercise voting rights on poll in excess of five per cent. of
total voting rights of equity shareholders.
4. Section 62 Shall not apply.
5. Sub-section (1) of Section 67 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 66 of the Companies Act, 2013.
6. Sub-section (5) of Section 123 Shall apply, subject to the modification that any dividend
payable in cash may be paid by crediting the same to the
account of the member, if the dividend is not claimed within
30 days from the date of declaration of the dividend.
7. Section 127 Shall apply, subject to the modification that where the
dividend payable to a member is one hundred rupees 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 on the
notice board of the Nidhis for at least three months.
8. Sub-section (1) of Section 136 Shall apply, subject to the modification that, in the case of
members who do not individually or jointly hold shares of
more than one thousand rupees in face value or more than one
per cent. of the total paid-up share capital whichever is less, it
shall be sufficient compliance with the provisions of the
section if an intimation is sent by public notice in newspaper
circulated in the district in which the Registered Office of the
Nidhi is situated stating the date, time and venue of Annual
General Meeting and the financial statement with its
enclosures can be inspected at the registered office of the
company, and the financial statement with enclosures are
affixed in the Notice Board of the company and a member is
entitled to vote either in person or through proxy.
9. Section 160 In sub-section (1), for the words “one lakh rupees”, the words
“ten thousand rupees” shall be substituted.
10. Section 185 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.
11. Second proviso to sub-section Shall apply with the modification that the remuneration of a
(1) of Section 197 director who is neither managing director nor whole-time
director or manager for performing special services to the
Nidhis specified in the articles of association may be paid by
way of monthly payment subject to the approval of the
company in general meeting and also to the provisions of
section 197 :
Provided that no approval of the company in general meeting
shall be required where,—
(a) a Nidhi does not have a managing director or a whole-time
director or a manager;
(b) the remuneration payable during a financial year to all the
directors of the Nidhi does not exceed ten per cent. of the net
profits of such Nidhi or fifteen lakh rupees, whichever is less;
and¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 5
(c) a remuneration payable under clause (b) is approved by a
special resolution passed in this behalf by the Nidhi.
12. Section 403 Shall apply, with the modification that the filing fees in
respect of every return of allotment under sub-section (9) of
section 42 shall be calculated at the rate of one rupee for every
one hundred rupees or parts thereof on the face value of the
shares included in the return but shall not exceed the amount
of normal filing fee payable.
2. The Nidhis, while complying with such exceptions, modifications and adaptations, as specified in
column (3) of the aforesaid Table, shall ensure that the interests of their shareholders are protected.
3. A copy of this notification has been laid in draft before both Houses of Parliament as required by
sub-section (2) of section 462 of the Companies Act, 2013.
[F. No. 2/11/2014-CL.V]
AMARDEEP SINGH BHATIA, Jt. Secy.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.