Nidhi company are governed by section 406 of Companies Act 2013 and Companies (Nidhi Companies) Rules, 2014.

Today we will look into the incorporation procedure and documents required for incorporation of NIDHI company.

Points to remember:

1. A NIDHI company is always incorporated as public company.

2. NIDHI company can only accept deposits or provide loan to its own members.

3. As per rule 6 and rule 10 of Nidhi Rules, 2014, a Nidhi company cannot issue preference shares, debentures, open any current account or carry on the business of chit fund, hire purchase finance open any branch outside the State where the registered office is situated

4. Minimum paid-up equity capital of 5,00,000/-

5. The object of the company shall be cultivating the habit of thrift and savings amongst its members.

6. Minimum director should be 3 and maximum can be 15.

7. Minimum 7 members required to form a company.

8. DSC of all the directors and subscribers.

Post Incorporation requirement:

1. Ratio of net owned fund to deposits shall not be more than 1:20

2. Minimum members should be 200 within 1 year of incorporation of company.

3. 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)

CHECKLIST

1. Aadhar card, pan card, driving license or passport of all the subscribers.

2. Bank statement with address of all the subscribers.

3. PASSPORT SIZE PHOTO.

4. The authorization from the Landlord (Name mentioned in the Electricity Bill or Gas Bill or Water Bill or Property Tax Receipt or Sale Deed) to use the premises by the company as its registered office. This is usually referred to as NOC from Landlord.

5. Proof of evidence of any utility service like telephone, gas, electricity, etc. depicting the address of the premises in the name of the owner or document, which is not older than two months.

6. DIR-2 from directors of the company.

7. INC-9 dully signed digitally from all the subscribers of the company.

8. Declaration under rule 4,5,6, and 10 of NIDHI rules.

9. Mobile no. and Email id of all the subscribers.

10. Proof of address and identity as well as specimen signature to be uploaded in AGILE for ESI/PF and bank account opening.

COMPLIANCES  

1. NDH-1 (Yearly)

Within 90 days from the closure of the first financial year after its incorporation and where applicable, from second financial year, Nidhi shall file a return of statutory compliances in Form NDH – 1 along with such fee as prescribed with the Registrar Duly Certified by company secretary in practice or a chartered accountant in practice or a cost accountant in practice.

2. NDH-2(for extension)

within 30 days from the close of the first financial year, apply to the Regional Director along with fee specified in Companies (Registration Offices and Fees) Rules, 2014 for extension of time and the Regional Director may consider the application and pass orders within thirty days of receipt of the application.

3. NDH-3 (Half yearly)

Within 30 days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice or cost accountant in practice.

Author Bio

Qualification: CS
Company: shubham shukla & Associates
Location: Uttar Pradesh, IN
Member Since: 02 Apr 2019 | Total Posts: 1

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