My name is shivam sinha this is for the testing purpose
11 Feb, 2023
In the Indian context, ‘Nidhi’ means ‘Treasure’. However, in the financial ground Nidhi Company refers to a type of Non-Banking Financial Company (NBFC) that provides a mutual monetary benefit to the members. Nidhi Companies are widely spread in the southern part of India.
Nidhi Companies are regulated by the Ministry of Corporate Affairs (MCA) and are registered under the Companies Act, 2013. They are also known as Benefit Fund, Permanent Fund etc.
The objectives of a Nidhi Company are:
At least seven members are required to start and register a Nidhi Company and three of them must be the Directors of the company.
Only one object will be mentioned in MOA of the company: “cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit.”
Within one year of its registration
If a Nidhi Company meets all the above conditions, the form NDH-1 should be filed along with the fees within 90 days from the end of first financial year. The form must be certified by an appointed CA/CS/CWA.
NDH-2 form has to be submitted to the Regional Director within 30 days for extension of another financial year.
Online Legal IndiaTM helps you to register for a Nidhi Company online without any hassle and at very nominal charges. Our in-house CA panel will help you in drafting MOA/AOA, processing MCA and any other formalities till the end of the process.
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