Nidhi Company-Register, What is a Nidhi Company Nidhi Company-Companies

1. NIDHI COMPANY www.websoftex.com

2. NIDHI PEDIA • Overview • Nidhi Company Act • Incorporation of Nidhi Company • Deposits accepted by Nidhi company • Forms to be filled

3. Overview • Nidhi within the Indian context means that treasure. However, within the Indian money sector it refers to any mutual profit society notified by the Central / Union Government as a Nidhi Company. • They are created in the main for cultivating the habit of thrift and savings amongst its members.

4. Overview • The businesses doing Nidhi business, viz. borrowing from members and loaning to members only, are best-known underneath as Nidhi Company • Nidhi Company are shaped just for the good thing about its members solely, on outsider i.e. who is not • the members of the Nidhi Company don't seem to be allowed to deposit any cash or doing any kind of business with the involved Nidhi Company.

6. Nidhi Company Act • Nidhi suggests that a corporation that has been incorporated as a Nidhi with the item of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and disposition to, its members solely, for his or her mutual profit, and that complies • with such rules as area unit prescribed by the Central Government for regulation of such category of companies.

7. Nidhi Company Act • Each Company that had been declared as a Nidhi Company or Mutual profit Society under sub-section (1) of section 620A of the businesses Act, 1956 • each Company incorporated as a Nidhi Company consistent to the provisions of section 406 of the Act.

8. Nidhi Company Act • each company performing on the lines of a Nidhi Company or Mutual profit Society but has either not applied for or has applied for and is awaiting notification to be a Nidhi Company or Mutual profit Society beneath sub-section (1) of section 620A of the Companies Act, 1956 AND • each Company incorporated as a Nidhi Company consistent to the provisions of section 406 of the Act.

9. Incorporation of Nidhi Company Relevant Rules / Procedure in the Nidhi Rules, 2014 as under:- 1.A Nidhi Company to be incorporated beneath the Act shall be a public company and shall have a minimum paid up equity share capital of 5 100000 rupees. 2.On and when the commencement of the Act, no Nidhi Company shall issue preference shares.

10. Incorporation of Nidhi Company 3. Except as provided beneath the stipulation to sub-rule (e) to rule half-dozen, no Nidhi Company shall 4. have any object in its memoranda of Association aside from the item of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and loaning to, its members solely, for his or her mutual profit. 5. each Company incorporated as a Nidhi shall have the last words ‘Nidhi Limited’ as a part of its name.

11. Deposit Accepted by Nidhi Company Relevant rules within the Nidhi Rules, 2014 as under:- 1. A Nidhi shall not settle for deposits surpassing twenty times of its web owned Funds (NOF) as per its last audited money statements. 2. The magnitude relation laid out in sub-rule (2) higher than shall conjointly apply to progressive deposits.

12. Deposit Accepted by Nidhi Company 3. The businesses that area unit lined underneath the Table in sub-rule (2)above shall not settle for fresh deposits or renew existing deposits if such acceptance or renewal results in violation of the prescribed magnitude relation. 4. The magnitude relation laid out in sub-rule (2) higher than shall conjointly apply to progressive deposits.

13. Forms To Be Filled • Return of Statutory Compliances. • Apply to the Regional Director for extension of your time • half yearly come back with the Registrar

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