Which company is a Nidhi Company?

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Which company is a Nidhi Company?

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William 1 year 1 Answer 226 views Silver 0

Answer ( 1 )

  1. NIDHI COMPANY

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    “Nidhi Company” 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 rules prescribed by Central Government for regulation of Nidhi Companies.

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    According to Nidhi Companies Rules , 2014 – a Nidhi Company shall be a public company and must have a minimum paid up equity share capital of Rs.5Lakh . The Nidhi Company shall have only one objet in its MOA that is 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 Company” shall have the last words “Nidhi Limited” as part of its name.

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    Every Nidhi Company shall , within a period of one year from the commencement of these rules , ensure that it has:-
    a. Not less than 200 members.
    b. Net Owned Funds of Rs. 10lakh or more.
    c. Unencumbered Term Deposits of less than 10% of the outstanding deposits;
    d. Ratio of Net Owned Funds to deposits of not more than 1:20

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