A Nidhi to be incorporated under the Act shall be a Public Company and shall have a minimum paid up equity share capital of five lakh rupees. After the commencement of the Act, no Nidhi shall issue preference shares. If preference shares had been issued by a Nidhi before the commencement of this Act, such preference shares shall be redeemed in accordance with the terms of issue of such shares. Except as provided under the proviso to sub-rule (e) to rule 6, no Nidhi shall have any object in its Memorandum of Association other than 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. Every Company incorporated as a “Nidhi” shall have the last words ‘Nidhi Limited’ as part of its name.
There shall be filed with the Registrar within whose jurisdiction the registered office of a company is proposed to be situated, the following documents and information for registration, namely:—
(a) the memorandum and articles of the company duly signed by all the subscribers to the memorandum in such manner as may be prescribed;
(b) a declaration in the prescribed form by an advocate, a chartered accountant, cost accountant or company secretary in practice, who is engaged in the formation of the company, and by a person named in the articles as a director, manager or secretary of the company, that all the requirements of this Act and the rules made thereunder in respect of registration and matters precedent or incidental thereto have been complied with;
(c) 1[a declaration] from each of the subscribers to the memorandum and from persons named as the first directors, if any, in the articles that he is not convicted of any offence in connection with the promotion, formation or management of any company.
(d) The address for correspondence till its registered office is established;
(e) The particulars of name, including surname or family name, residential address, nationality and such other particulars of every subscriber to the memorandum along with proof of identity, as may be prescribed, and in the case of a subscriber being a body corporate, such particulars as may be prescribed;
The Registrar on the basis of documents and information shall register all the documents and information referred to in that sub-section in the register and issue a certificate of incorporation in the prescribed form to the effect that the proposed company is incorporated under this Act. On and from the date mentioned in the certificate of incorporation issued the Registrar shall allot to the company a corporate identity number, which shall be a distinct identity for the company and which shall also be included in the certificate.
THE FORMAT OF DECLARATION BY ALL THE SUBSCRIBERS OF THE NIDHI COMPANY ARE AS FOLLOWS:-
DECLARATION
In connection with the incorporation of M/s ___________________
I ___________________________________________being one of the subscriber /promoters of the company ,has gone through hereby declare that:
1. That the proposed company complied with the clause (1) to (5) of Rule 4 (Incorporation and Incidental Matters of { Chapter XXVI Nidhis Rules,2014}
2. That the proposed Company will comply in the future with the clause (1) to (3) of Rule 5 (Requirements for Minimum Number of Members, Net Owned Fund Etc) of [Chapter XXVI Nidhi Rules, 2014] failing this would attract liability for penal consequences.
3. That the proposed Company had complied with the clause (a) to (k) of Rule 6 ( General Restrictions of Prohibitions of {Chapter XXVI Nidhis Rules,2014}
4. That the proposed Company would comply with clause (1) to (6) and sub-clause (a) to (c) of clause (6) of Rule 10 (Branches) of [Chapter XXVI Nidhis Rules,2014}
Further hereby undertake ,that the company/directors shall insure that he has read/understood and complied or will comply as and when necessary ,with all the necessary implications on the Nidhi Company under Companies Act,2013 and corresponding rules stated under [chapter XXVI Nidhis rules,2014]
Date
Place:
(Subscriber/Promoter)
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