“Nidhi” means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulation of such class of companies.
NIDHI COMPANY ANNUAL COMPLIANCE CHECKLIST
(1) Every Nidhi shall, within a period of one year from the date of its incorporation, ensure:
(a) Not less than two hundred members;
(b) Net Owned Funds of ten lakh rupees or more;
(c) Unencumbered term deposits of not less than ten per cent of the outstanding deposits as specified in rule 14; and
(d) Ratio of Net Owned Funds to deposits of not more than 1:20.
|S.NO.||COMPLIANCE||DUE DATE/WHEN TO BE DONE|
|1.||RETURN OF STATUTORY COMPLIANCE
|Every Nidhi shall within ninety days from the close of the first financial year after its incorporation and where applicable, the second financial year, file a return of statutory compliances.
|2.||APPLICATION FOR EXTENSION OF TIME
|Every Nidhi Company within 30days from the close of financial year apply to Regional Director (RD) in Form NDH-2 for extension of time.
a) The Company fails to appoint 200 members within 01 year of Incorporation
b) Company fails to maintain Ratio of Net Owned Funds to deposits of 1:20.
1. Board resolution
2. Detailed application
3. Audited financial statements (last available)
4. List of all members with PAN and complete residential address
5. Amount of deposit accepted from each member
6. Reasons and justification for the application
Note: The e-form need to be verified by Practicing Professional
|3.||RETURN FOR THE HALF YEAR ENDED
|Every Nidhi company shall file half yearly return with the Registrar in Form NDH-3 within thirty days from the conclusion of each half year.
|4.||APPLICATION FOR DECLARATION AS NIDHI COMPANY AND FOR UPDATION OF STATUS BY NIDHIS
|Nidhi incorporated under the Act on or after the commencement of the Nidhi (Amendment) Rules, 2019 shall file Form NDH-4 within sixty days from the date of expiry of :-
(a) one year from the date of its incorporation or
(b) the period up to which extension of time has been granted by the Regional Director
Note: in case a company does not comply with the requirements of this rule, it shall not be allowed to file Form No. SH-7 (Notice to Registrar of any alteration of share capital) and Form PAS-3 (Return of Allotment)
|5.||Annual General Meeting
|File Financial Statement within 30 days of AGM in e-form AOC-4 and annual Return within 60 days of AGM in e-form MGT-7|
OTHER ANNUAL COMPLIANCES
|E-FORM DIR-3 KYC||Every Individual who has been allotted a Director Identification Number (DIN) on or before 31st March need to submit the form to Central Government on or before September 30 of immediately next Financial Year.
Note: If someone have already filed the form but are willing to make changes in the information are required to fill the fresh form again with updated details in the current year.
Penalty: After due date a penalty of Rs. 5000 shall be payable.
1. Proof of Permanent Address
2. Copy of Aadhaar Card (Optional)
3. Copy of Passport (Optional)
4. Copy of PAN
5. Proof of Present Address (if permanent and present address is different)
|E-FORM DIR-3 KYC WEB||Any individual who has already submitted the e-form DIR-3 KYC and who does not want to update in their KYC can file annual KYC by accessing DIR-3 KYC Web service.
Penalty: After due date a fee of Rs. 5000 shall be payable.
Attachment: You only need OTP of Mobile Number and E-mail id. No other documents are required
|E- FORM DPT-3||Every Company other than Government Company shall be required to file this form on or before June 30 of every year with Registrar whose return of deposit or particulars of transaction or both not considered as deposit.
1. Auditor’s Certificate (Mandatory)
2. Copy of Trust Deed (Mandatory if Company has trust deed)
3. Copy of instrument creating charge (Mandatory if mentioned in form)
4. List of Depositors (Mandatory if Company has balance of deposits outstanding at the end of the year)
|E-FORM BEN-2||On receipt of declaration of BEN-1 every Company shall file a return in BEN-2 with Registrar within 30 days from the date of receipt of such declaration.
Attachment: Declaration from SBO (Significant Beneficial Owner) in Form BEN-1 from each shareholder having 10% or more shares of voting rights
Disclaimer: The Article is based on the Relevant Provisions and as per the information existing at the time of the preparation. In no event I shall be liable for any direct and indirect result from this Article. This is only a knowledge sharing initiative.