Section 29(3) in The National Housing Bank Act, 1987
(3)Notwithstanding anything contained in sub-section (1), a housing finance institution which is a company in existence on the commencement of the National Housing Bank (Amendment) Act, 2000, and having a net owned fund of less than twenty-five lakh rupees, may, for the purpose of enabling such institution to fulfil the requirement of the net owned fund, continue to carry on the business of a housing finance institution-(i)for a period of three years from such commencement; or(ii)for such further period as the National Housing Bank may, after recording the reasons in writing for so doing, extend, subject to the conditions that such institution shall, within three months of fulfilling the requirement of the net owned fund, inform the National Housing Bank about such fulfilment:Provided that the period allowed to continue business under this sub-section shall in no case exceed six years in the aggregate.
