Nidhi Company-Register, What is a Nidhi Company Nidhi Company-Companies - PowerPoint PPT Presentation

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

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Title: 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.

5
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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

14
THANK YOU
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