Minimum of seven members is required to start a Nidhi Company out of which three members must be the directors of the company.
A minimum of 5 lakh rupees, is required as the equity share capital to start a Nidhi Company. Nidhi Company can’t issue preference shares.
Only one object will be mentioned in MoA of the company: Cultivating the habit of thrift and savings amongst its members, receiving deposit from and lending to, its members only, for their mutual benefits
If Nidhi Company satisfies all above conditions, it should file NDH-1 along with prescribed fees within 90 days from the end of the first financial year after incorporation. The form must be duly certified by practicing CA/ CS/ CWA.
Extension of another financial year can be availed upon submission of NDH-2 to the Regional Director within 30 days from the end of the first financial year.
If even after the second financial year, it doesn’t fulfill the requirements, it can’t accept deposits till it complies with the provisions, and also penalty will be imposed.1.
Copyright © 2022 kcpl.info | All Rights Reserved