Every Nidhi Company is required to comply with provisions of Companies Act, 2013, and Nidhi Rules, 2014, ( i.e. Nidhi Company ROC Filing ) as Nidhi Company is Public Limited Company is required to follow all the provisions applicable to Public Limited Company unless exempted from compliance of specific section with or without any modification.
ROC Compliance as per Nidhi Rules, 2014 :
Filing of Form NDH-3: Half Yearly Return by Nidhi Company (ROC Filing)
Every Nidhi Company is required to File Form NDH-3 with ROC within 30 days from the close of each half year. i.e. 30th April for the half-year ending on 31st March and 30th Oct for the half-year ending on 30th Sept. Form NDH-3 contains the details of Number of Members admitted during the half-year, a number of members ceased to be members and a total number of members as on the date, Loan granted by Nidhi company along against the particular security and Deposits accepted by the Nidhi company form its members. Form NDH-3 should be certified by Company Secretary of CA , CMA in Practice.
Filing of Form NDH-1: Yearly Return by Nidhi Company (ROC Filing)
Every Nidhi Company is required to file Form NDH-1 with ROC within 90 days from the close of Financial Year, this form contains all the details regarding the members, loans, deposits, reserves etc for the full financial years.
Filing of Form NDH-4 (ROC Filing)
Every Nidhi Company is required to file form NDH-4 (one Time) for declaration of its status as Nidhi Company along with a declaration that Nidhi has complied with minimum no of required members i.e.200 and net owned funds of Rs. 10 Lakh along with other compliance declaration as per Nidhi Rules, 2014
What Nidhi Company cannot do as par Nidhi Rules :
- A Nidhi Company shall not carry any chit fund, hire purchase finance leasing finance insurance or acquisition of securities issued by any Body corporate
- Nidhi Company is not allowed to issue any kind of preference shares or any debt instruments by any name whatsoever.
- Nidhi company is prohibited to open any current account with its members
- Nidhi company is prohibited to do any compromise or arrangement or takeover unless it is passed by a Special Resolution in the General Meeting and also obtained the previous approval from the Regional Director having jurisdiction over such nidhi company
- Carry on any business other than the business of borrowing or lending in its own name
- Nidhi company is prohibited to accept deposits or lend amount other than its members
- Pledge any of the assets lodged by its members as security
- Nidhi company is prohibited to take deposits or lend money to any Body corporate
- These companies are prohibited to enter into any partnership arrangement in its borrowing or lending activities
- Nidhi company prohibited to issue any advertisement in any form for soliciting deposits
Minimum Members and Net Owned Funds Requirements for Nidhi Company :
- Every Nidhi Company Should have Minimum 200 members within 1 years from the date of incorporation and all time thereafter
- Every Nidhi Company should have Net-owned funds of Rs. 10 Lakh within 1 year from the date of incorporation.
How much loan a Nidhi Company can give to its members :
- Rs. 2 Lakh where a total amount of Deposits form its members is less than Rs. 2 crore
- Rs. 7.50 Lakh where the total amount of Deposits form its members is more than Rs. 2 crore but less than twenty crore rupees
- Rs. 12 Lakh where the total amount of Deposits form its members is more than Rs. 20 crore but less than Fifty crore rupees
- Rs. 15 Lakh where the total amount of Deposits form its members is more than Rs. 50 crore
- No fresh loans exceeding 15% of above can be if Nidhi is not profitable for continuously three preceding financial years.
- Members who have taken a loan from Nidhi and defaulted in repayment of such loan shall not be allowed to take fresh loans form Nidhi.
- Only Members of Nidhi Company can take loan form Nidhi Company
How Much Interest can be Charged on Loans By Nidhi Company
The rate of Interest to be charged on loan given by Nidhi shall not go above seven and a half percent(7.5%) above the highest rate of interest offered on deposits by Nidhi.
i.e.7.5% the gross margin that a Nidhi Company is able to earn from the operations.
Annual Filing of Financial Statements and Annual Return by Nidhi Company :
Form AOC-4: Filing of Financial Statements
Every Nidhi company is required to file its Financial Statements, along with Notice calling General Meeting, Directors Report, Auditors Report and Balance sheet to ROC within 30 days from the date of Annual General Meeting of the Company.
Form MGT-7: Annual Return
Every Nidhi company is required to file its Annual Return along with List of members of Nidhi Company within 60 days from date of Annual General Meeting.
Reporting of Resolutions :
As a Public Limited Company Nidhi Company is required to File form MGT-14 for Disclosure of Directors interest, Approval of Financial Statements and Directors Report.
