Nidhi Company Registration:
Table of Contents:-
A Nidhi Company Registration is a type of company registration which is incorporated as Nidhi with the objective of achieving the following-
- Cultivating the habit of thrift.
- For complying with the rules of Chapter XXVI of Companies Rules, 2014.
- With the lending Power of Nidhi Company, lending funds to its members only for mutual benefits.
- Receiving deposits from the company.
- Savings amongst the members of the Nidhi Company Registration.
Features of Nidhi Company Registration:
- A Nidhi Company Registration that is incorporated under the Companies Act, 2013 is treated as a Public Company.
- The minimum number of members in the company must be 200.
- The minimum paid-up equity share capital in this company must be Rs.500000.
- The ratio of the net owned funds for depositing cannot be more than 1:20.
- The Net owned funds must be Rs.10 Lakh and more.
- Section 62 of the Act is not applicable on the Nidhi Company Registration.
Compliances for Nidhi Company Registration:
- Receipt of Form MBP-1: As per Section 184(1) of the Act, Form MBP- 1 is to be filed by each and every director in the company in the very first Board of Director meeting. It is filed whenever there is a change in the interest of the directors as filed earlier in the Form MBP-1.
- Receipt of Form DIR- 8: As per Section 164(2) and Section 143(3) (g) of the Act, a Nidhi Company Registration is required to file Form DIR-8. It is to be filed by each and every director in the company for each financial year for disclosing the non-disqualification for the post of director.
- E-form ADT-1 for Appointment of Auditor under Section 139 is to be filed within 15 days of the AGM.
- Filing of Resolution with ROC under Section 117 read with Section 179: The Nidhi Company Registration in India is required to file Form MGT-14 with the Registrar of Companies (ROC) within 30 days of the final approval of the Financial Statement and Director’s Report in the AGM.
- Section 73 read with Rule 16 for Annual Form DPT-3 and Return of Deposit: Nidhi companies are required Form DPT-3 and return deposits for each financial year on or before 30th June each year.
- Form DIR-3 KYC under Rule 12A: It is to be filed for the KYC of all the Directors in the company on or before 30th September for each financial year.
- Annual E- Forms Filing Requirements: The following forms are to be filed by the Nidhi Company Registration in India–
- E-form MGT-7 as per Section 92: To be filed for the Annual Returns of the company within 60 days from the date of conclusion of the Annual General Meeting.
- E-form MGT-8 as per Section 92: All the Nidhi Company Registrations having paid-up share capital of Rs.10 Crore and above or turnover of Rs.50 Crore and above must file the form.
- 137, E-form AOC-4 as per Section 137: It is filed to show the Financial Statements of the company by filing the following along with the form-
- Balance Sheet
- Statement of Profit and Loss Account
- Cash flow statement
- Directors’ Report under Section 134 of the act
- Auditors’ Report in this form within 30 days of conclusion of the Annual General Meeting.
- Sending of Notice of AGM under Section 101: Notice of Annual General Meeting in the Nidhi Company Registration is to be served to the following-
- All Directors
- Debenture Trustees
- Under Section 173 and SS-1: The Nidhi Company Registration is required to hold Board Meetings for at least four times in a financial year. Also, it is to be noted that the gap between two consecutive meetings cannot be more than 120 days in total.
- Under Section 88 and other related provisions: Maintaining the Statutory Registers is mandatory for all the Nidhi Company Registrations. The following registers are to be maintained-
- Register of Director,
- Registers of Director Shareholdings
- Registers of Members
- Registers of Transfer
- Registers of Related Party transaction etc.