Legal & Compliance
POST-REGISTRATION REQUIREMENTS FOR A NIDHI COMPANY:
There are certain Compliances which Nidhi Company has to do a er incorpora on of Nidhi Company. Every Nidhi Company shall, within a period of one year from Incorpora on of the company, ensure that it has
Not Less than 200 Members:
A er incorpora on, a Nidhi company must add at least 200 members to comply with this requirement of law. Further, it has to maintain this during the course of me. If the total members falls less than 200 at any me therea er, it will leave the company at default.
However, if the company is not able to reach the limit of 200 members, then you must apply for me within 30 days of closure of financial year in Form NDH-2 with Regional Director.
Net Owned Fund:
Net owned funds shall be Rs. 10,00,000 /- or more(' Net owned funds ' means the aggregate of paid up equity share capital and free reserved as reduced by the accumulated and intangible assets appearing in the last audited balance sheet).
Ra o: Ra o of net owned funds to deposit shall be not more than 1:20. This ra o is very easy to understand.
Suppose, if you have net owned funds of 10 lakh, then your total deposit limit would be INR 2 Crore.
Deposit: Unencumbered term deposits of not less than 10 % of the outstanding deposits as specified in Rule 14.
Members restric on: A Nidhi Company shall not admit a body corporate or trust as a member.
A minor shall not be admi ed as a member of Nidhi Company. But deposits may be accepted in the name of a minor, if they are made by the natural or legal guardian who is a member of Nidhi
GENERAL RESTRICTIONS:
Rule 6 provides general restric ons. According to this Rule no Nidhi shall-
Carry on the business of Chit Fund, Hire Purchase Finance, Leasing Finance, Insurance or Acquisi on of Securi es issued by anybody corporate;
www. Venture-Care. com / Magazine October 2017
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