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

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NIDHI COMPANY
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NIDHI PEDIA

• Overview
• Nidhi Company Act
• Incorporation of Nidhi Company
• Deposits accepted by Nidhi company
• Forms to be filled

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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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THANK YOU