Start-up Business Benefits from Auditing Bazaar
Nidhi Company
₹19,999
The main and ultimate objective behind establishing a Nidhi Company is to cultivate thriftiness and a habit of making savings among all its members, in order to meet their respective financial requirements in life arising from time to time smoothly. The funds of a Nidhi company are contributed solely by its all members or shareholders. The Nidhi company is entitled to borrow from its members, and give loans only to its members, and thus to work for the mutual benefits and welfare of its all members.
Description
Nidhi Company
“Nidhi” or “Mutual Benefit Society” means a company-
- Incorporated as a Nidhi in accordance with Section 406 of the Companies Act, 2013 and Nidhi Rules, 2014.
- Complies with Rules prescribed by Central Government
- Object: Cultivate the habit of thrift and savings amongst its members for their mutual benefit.
- Receive deposits from members and Lend only to members.
Incorporation and Incidental matters-
- Public Company
- minimum paid up equity share capital of five lakh rupees or more
- Equity Shares Only
- Part of name ‘Nidhi Limited’
Requirements and fulfillment of following conditions:
- not less than two hundred members
- Net Owned Funds of ten lakh rupees or more
- unencumbered term deposits of not less than ten per cent. of the outstanding deposits
- ratio of Net Owned Funds to deposits of not more than 1:20
- Not to be admitted as a member- Body Corporate, Trust and Minor.
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