Section 29(7) in The National Housing Bank Act, 1987
(7)A housing finance institution aggrieved by the order or rejection of application for registration or cancellation of certificate of registration may prefer an appeal, within a period of thirty days from the date on which such order of rejection or cancellation is communicated to it, to the Central Government and the decision of the Central Government where an appeal has been preferred to it, or of the National Housing Bank where no appeal has been preferred, shall be final:Provided that before making any order of rejection of appeal, such institution shall be given a reasonable opportunity of being heard.Explanation .-For the purposes of this section,-(I)"net owned fund" means-(a)the aggregate of the paid-up equity capital and free reserves as disclosed in the latest balance-sheet of the housing finance institution after deducting therefrom-(i)accumulated balance of loss;(ii)deferred revenue expenditure; and(iii)other intangible assets; and(b)further reduced by the amounts representing-
