No Amendments of S. 406 of Companies Act can be made Which Ceases Operations of Nidhi Companies: Kerala HC on Nidhi Companies Case [Read Order]
The Bench opined that an opportunity be given to see whether the “Nidhi Act” and the “Nidhi Rules” can be allowed to operate, without causing an oppressive impediment to the petitioners, in either obtaining registration, or in continuing with their operations, as the case may be
The Kerala High Court held that any financial activity ought to be regulated reasonably within the ambit of law, and it cannot glissade into a situation where its operations become impossible, or are defeated by oppressive or impossible restrictions and regulations. The petitioners stated to be ‘Nidhi Companies’ operating under the Companies Act, 1956, called…
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