MAIN OBJECTS OF NIDHI COMPANY
1- To carry on the business of all kinds and description as may permitted to be carried as Nidhi companies it terms of the provisions of the Companies Act, 2013 and rules made there under and to encourage, afford all facilities for cultivating thrift, savings or money from its members of all categories as deposits i.e. Fixed Deposits (F.D.), Recurring Deposits (R.D.), Monthly Income Scheme (MIS), Term Deposit (T.D.) under various schemes formulated from time to time by the Company any and to provide Interest or benefit on the Deposits, as it fit for and beneficial to the company and to the members as per the rules & regulations or guideline or Reserve bank of India (RBI), Ministry of Corporate Affairs and Regulatory Authority on NBFC or NIDHI.The company shall not carry on chit fund business, insurance business , hire purchase finance business of trading in shares and securities
2- To lend, grant loans to the shareholders or members only as a against securities of immovable properties, and / or on the security of deposits, movable such as gold, silver, jewellery, Kisan Vikas Patra, National Saving Certificates Scheme, as may from time to time prescribed in law for Nidhi Companies, subject to the provisions of the Act, to provide locker facility to its members and charge rent for the same.
ANCILLARY OBJECTS OF NIDHI COMPANY
1.To make and alter the rules as may be determined from time to time by the board of directors for carrying on the business of the company more profitable and efficiently
2. To remunerate any person or persons or company for any service rendered or to be rendered in or about the formation, or promotion of the company or the conduct of its business subject to the provision of Nidhi Company rules.
3. To pay out of the capital of the company or otherwise all expenses incurred in connection with the formation and registration of the company.
4. To purchase any movable or immovable property including industrial, commercial, residential, or farm lands, plots, buildings, houses, apartments, flats or areas within or outside the limits of Municipal Corporation or other local bodies, anywhere within the Domain of India, to divide the same into suitable plots, and to rent or sell the plots for building/constructing residential houses, bungalows, business premises, and colonies and rent or sell the same and realize cost in lump sum or easy installments .
5. To purchase any land, plot(s) of land or immovable property or any right or interest therein and to develop and construct thereon residential, commercial complex or complex(es) , comprising offices for sale or self use or for earning rental income thereon by
letting out individual units comprised in such building(s).
6. To amalgamate with any other company of which all or any of their objects companies having similar to the objects of the Company in any manner whether with or without the liquidation.
7. To apply for, obtain, purchase or otherwise acquire and prolong and renew any patents, patent-rights, brevets, inventions, processes, scientific technical or other assistance, manufacturing processes know-how and other information, designs, patterns, copyrights, trade-marks, licences concessions and the like rights or benefits, conferring an exclusive or non-exclusive or limited or unlimited right of use thereof, which may seem capable of being used for or in connection with the main objects of the Company or the acquisition or use of which may seem calculated directly or indirectly to benefit the Company on payment of any fee royalty or other consideration and to use, exercise or develop the same under or grant licences in respect thereof or otherwise deal with same and to spend money in experimenting upon testing or improving any such patents, inventions, right or concessions.
8. To apply for and obtain any order under any Act or Legislature, charter, privilege concession, licence or authorisation of any Government, State or other Authority for enabling the Company to carry on any of its main objects into effect or for extending any of the powers of the Company or for effecting and modification of the constitution of the Company or for any other such purpose which may seem expedient and to oppose any proceedings or applications which may seem expedient or calculated directly or indirectly to prejudice the interest of the Company.
9. To enter into any arrangements with any Government or Authorities or any persons or companies that may seem conducive to the main objects of the Company or any of them and to obtain from any such Government, authority, person or company any rights, charters, contracts, licences and concessions which the Company may think desirable to obtain and to carry out, exercise and comply therewith.
10. To procure the Company to be registered or recognised in or under the laws of any place outside India and to do all act necessary for carrying on in any foreign country for the business or profession of the Company.
11. To advance money either with or without security, and to such persons and upon such terms and conditions as the Company may deem fit and also to invest and deal with the money of the Company not immediately required, in or upon such investments and in such manner as, from time to time, may be determined, provided that the Company shall not carry on the business of banking as provided in the Banking Regulations Act, 1949.
12. To undertake and execute any trusts, the undertaking of which may seem to the Company desirable, either gratuitously or otherwise.
13. To establish, or promote or concur in establishing or promote any company for the purpose of acquiring all or any of the properties, rights and liabilities of the Company subject to the provision of Nidhi Company Rules.
14. To employ agents or experts to investigate and examine into the conditions, prospects value, character and circumstances of any business concerns and undertakings and generally of any assets properties or rights which the Company purpose to acquire.
15. To create any reserve fund, sinking fund, insurance fund or any other such special funds whether for depreciation, repairing, improving, research, extending or maintaining any of the properties of the Company or for any other such purpose conducive to the interest of the Company.
16. Subject to the provisions of provisions the Companies Act, to subscribe contribute, gift or donate any money, rights or assets for any national educational, religious, charitable, scientific, public, general or usual objects or to make gifts or donations of money or such other assets to any institutions, clubs, societies, associations, trusts, scientific research associations, funds, universities, college or any individual, body of individuals or bodies corporate.
17. To pay for any property or rights acquired by or for any services rendered to the Company and in particular to remunerate any person, firm or company introducing business to the company either in cash or fully or partly-paid up shares with or without preferred or deferred rights in respect of dividend or repayment of capital or otherwise or by any securities which the company has power to issue or by the grant of any rights or options or partly in one mode and partly in another and generally on such terms as the company may determine.
18. To pay out of the funds of the company all costs, charges and expenses of and incidental to the formation and registration of the company and any company promoted by the company and also all costs, charges, duties, impositions and expanses of and incidental to the acquisition by the company of any property or assets.
19. To compensate for loss of office of any Managing Director or Directors or other officers of the Company within the limitations prescribed under the Companies Act, or such other statute or rule having the force of law and to make payments to any person whose office of employment or duties may be determined by virtue of any transaction in which the Company is engaged .
20. To agree to refer to arbitration any dispute, present or future between the Company and any other company, firm, individual or any other body and to submit the same to arbitration in India or abroad either in accordance with Indian or any foreign system of law.
Author Bio
