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Nidhi Company Closure

Every company incorporated as a “Nidhi’’ shall have the last words ‘’ Nidhi limited “as a part of its name

Rules Relating to Director

Director of a Nidhi Company shall hold office for a term of up to 10 Consecutive years on the Board
Director shall be eligible for Re-appointment only after the expiration of 2 Years of ceasing to be Director

Steps to form a Nidhi Company

Obtaining digital
signature and DIN
Name
application
Fill of necessary documents and forms
Payment
of fees

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Procedure

Rules relating to loan only to its members

Loan shall be subject to following limits Loan to a Member

Loan of two lakhs rupees: If total amount of Deposit of Such Nidhi from its Members is less than 2 Crores Rupees.

Loan of seven lakh fifty thousand rupees: If total amount of deposit of such Nidhi from its members is more than 2 crores rupees but less than 20 crores rupees.

Loan of Twelve Lakhs Rupees: If total amount of deposit of such Nidhi from its members is more than 20 crores rupees but less than 50 crores rupees.

Loan of fifteen Lakhs Rupees: If total amount of Deposit of Such Nidhi from its members is more than 50 crores rupees.

(Deposit shall be calculated on the basis of last audited financial statements

Provided that where Nidhi company has not made a profits continuously for a period of 3 preceding years it shall not make any fresh loans exceeding 50% of the maximum amount of loans specified above.

Provided further member shall not eligible for any fresh loan if he has borrowed earlier any fresh loan from the Nidhi and defaulted in repayment of such loans.

Loans against what-

Gold, Silver and jewelry: Repayment period shall not exceed One year

Immovable property: Total loans against immovable property (excluding mortgage loangranted on the security of property) shall not exceed 50 % of the overall loan outstanding on the date of approval by board, individual loan shall not exceed 50 % of the value or property offered as a security and period of repayment shall not exceed 7 years.

Fixed deposit receipts, NSC, other government securities and insurance policies: Provided that such securities duly discharged shall be pledged with Nidhi and maturity date shall not fall beyond the loan period or one year whichever is earlier .

Rules regarding deposit

  • Recurring Deposit: Shall be accepted for a minimum period of 1 year and maximum period of 60 months.
  • Fixed Deposits: Accepted for a minimum period of 6 months and maximum period of 60 months.

Documents

  • Copy of pan card
  • Aadhar card
  • Photo
  • Bank statement
  • Mobile number and mail id of all
  • Registered address proof – electricity bill
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