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NIDHI COMPANY ACT

Extract of the relevant provisions prescribed in Section 406 of the Companies Act, 2013 as under:Nidhi suggests that a corporation that has been incorporated as a Nidhi with the item of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and disposition to, its members solely, for his or her mutual profit, and that complies

with such rules as area unit prescribed by the Central Government for regulation of such category of companies.

Each Company that had been declared as a Nidhi Company or Mutual profit Society under sub-section (1) of section 620A of the businesses Act, 1956

•each Company incorporated as a Nidhi Company consistent to the provisions of section 406 of the Act.

•each company performing on the lines of a Nidhi Company or Mutual profit Society but has either not applied for •each Company incorporated as a Nidhi Company consistent to the provisions of section 406 of the Act.

•Every Nidhi Company shall, at intervals a amount of 1 year from the commencement of these rules, make sure that it's :1.Not but 2 hundred members 2.internet owned Funds of 10 hundred thousand rupees or additional

3. Unencumbered term deposits of not but 10 Of the outstanding deposits as specified in rule fourteen

A Nidhi Company shall not admit a body company or trust as a member.

Except as otherwise allowable below these rules, each Nidhi Company shall make sure that its membership isn't reduced to but 2 hundred members at any time.

•Each Nidhi Company shall make sure that its membership isn't reduced to but 2 hundred members at any time. •A minor shall not be admitted as a member of Nidhi Company