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MCA Alert : Make Investment into Complaint Nidhi Companies Only

MCA has issued an advisory to Investors and depositors of Nidhi Companies, that they should invest only to Companies making regular Compliances of Nidhi Rules, 2014 and Companies Act, 2013

Following are the text from MCA Advisory to Investors and Depositors

In order to make regulatory regime for Nidhi Companies more effective and also to accomplish the
objectives of transparency & investor friendliness in corporate environment of the country, the Central
Government has recently amended the provisions related to NIDHI under the Companies Act and the
Rules (effective from 15.08.2019).
Under Nidhi Rules, 2014, Nidhi is a company which has been incorporated as a Nidhi with the object
of cultivating the habit of thrift and saving amongst its members, receiving deposits from, and lending
to, its members only, for their mutual benefit.
The amended provisions of the Companies Act (Section 406) and Nidhi rules (as amended
w.e.f. 15.08.2019) require that the Nidhi companies have to apply to the Central government for
updation of their status/ declaration as Nidhi Company in Form NDH-4.
2. The time-frame for applying to Central Government in form NDH-4 is as under:-
(I) Companies incorporated as Nidhi before Nidhi Amendment Rules, 2019 i.e. 15.08.2019 have
to apply within a period of one year from the date of its incorporation or within 9 months of the
Nidhi Amendment Rules i.e. 15.08.2019 whichever is later.
(II) Companies incorporated as Nidhi on or after Nidhi Amendment Rules, 2019 i.e. 15.08.2019
have to apply within 60 days of expiry of one year from the date of incorporation or extended
period (as granted by concerned Regional Director).
3. In case a company does not comply with the above requirements, it shall not be allowed to file
Form No. SH–7 (Notice to Registrar for any alteration of share capital) and Form PAS–3
(Return of Allotment).
4. Such companies are required to ensure strict adherence to provision of Companies Act,
1956/2013 and Nidhi Rules, 2014 as amended. In case of contravention of the provisions of
these Rules, the company and every officer of the company who is in default shall initially be
punishable with fine which may extend to five thousand rupees and further fine in case of
continuous violations.
5. Investors are advised to verify the status of Nidhi company from the notification issued by
Central Government in official gazette before making any investment or deposit.

 

Reference : http://www.mca.gov.in/Ministry/pdf/Nidhi_19032020.pdf 

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Nidhi Software for Nidhi Company in India

NidhiExpert”-A web-based Nidhi Software in India for managing financial and compliance-related affairs of Nidhi Companies. “NidhiExpert” was launched around 2 years ago and more than 400+Nidhi Companies are using this software for managing their Nidhi Companies satisfactorily. Some important features of the software are listed below:-

Why “Nidhiexpert” is Best Nidhi Software in India

Cloud Ready

Get set ready Go! Start on-boarding new customers in 12hrs.

Secure loan & deposit management Software to keep your data Safe.Your data is Secure

No Need of Pre-printed Stationary

Membership Form, Loan and Deposit Application Form, FD/RD Bond, Loan and Deposit Account Statements.

Store Documents & Cases

Store as many Documents and case details as you want.

Accounting, Tax, P&L and Auditing friendly

Manage & Customize all your Accounting operations on the same Software.

Mobile Ready Solutions

Easily access and manage all your data from the Mobile.

Other Features of NidhiExpert – Nidhi Software

  • Opening of Branch wise Deposit & Loan Accounts.
  • Branch-Wise Report of Loan and Deposit Accounts.
  • Date Wise Collection Report of Branches.
  • Date Wise Disbursement Report of Branches.
  • Create an Unlimited User.
  • Manage User Rights.
  • Activation/De-activation of User Account.
  • Set Timings for Users to access the Software
  • Gold/Jewellery Loan
  • Loan Against Deposit
  • Property/Mortgage Loan
  • Fixed EMI Loan
  • Cash Credit Limit

 

Manage Multiple Deposit TypesPrint System Generated Forms, Receipts and Agreements

Statutory Compliance as per Companies Act & Nidhi Rules,2014 

 

  • Saving Account
  • Fixed Deposit Account
  • RD Account
  • MIS Account

 

nidhi software

 

  • Deposit Account Application Form(Saving,RD,FD & MIS)
  • Loan Account Application Form (For All Loan Types)
  • Membership Application Form
  • Cash/Bank Receipts
  • Share Certificates and Share Transfer Form
  • Loan Agreement

 

  • Auto Generated Share Folio Number
  • List of Shareholders
  • Details of Share Transfer
  • Form NDH-3 & NDH-1
  • Calculate amount of unencumbered deposit
  • Statutory Compliance Calendar

Customer Login and Fund Transfer

SMS to Account Holders

 

System Generated Ledgers and Voucher Entry 

 

  • Create Customer Login ID & Password
  • Customer can login and check their statements & dues
  • Intra-Nidhi Fund Transfer
  • OTP based authentication for Transfer of Funds

 

  • Auto SMS on Account Opening, Deposit and Withdrawal of Amount with updated balance
  • Fully Customize the message content
  • Manage member wise message sending

 

 

  • System generated vouchers for financial transactions
  • Auto voucher entry for financial transactions
  • Trial Balance
  • Profit and Loss Account
  • Balance Sheet

Ledger Creation and Voucher Entry

  • Ledger Groups
  • Create Ledgers
  • Post Voucher entry
  • Complete Accounting Solution

 

 Request a Demo-Whatsapp or Call At +91-96641-46595

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Form NDH-4 , Filing of Form NDH-4 for Nidhi Companies

As per recent Amendment in Nidhi Rules, every Company is required to file Form NDH-4 to ROC , This form is an Application for Declaration of Company as Nidhi Company and Nidhi Company name will be Published in Official Gazette..

Following Information is required for Filing of form NDH-4

  1. Equity Paidup Capital as on Date of Application

  2. MOA of Company

  3. Whether the company has carried out any financial dealings with any person other than its members ? Yes /NO

  4. Whether the company has complied with the Nidhi Rules, 2014 ? Filing of all Returns , 10 % of Term Deposit Details

  5. *Number of branches opened by the company and places where opened along with dates of opening- if Yes, Details thereof – Name of Branch, Place of Branch and Date of opening

  6. The ratio of net owned funds to deposits accepted- Deposits/Net owned Funds

  7. *Is the ratio of loan on immovable property within the prescribed limit, YES/No

  8. Board Resolution for support of Above

  9. Certificate Signed by Two Directors of the Company regarding the number of members as on date of application (Members should not be less than 200)

  10. Certificate from the auditors of the company to the effect that the company has complied with the Nidhi Rules, 2014

Please Note that for new Every New Nidhi Companies , this form is required to be filed within 1 years from that Date of Incorporation.

 

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What is the procedure for Nidhi Company Registration

Nidhi Company is registered as Public Limited Company in India, Nidhi Company is Finance Company that deals with its members – Accept deposit from its members and provide loans to its members.

For Registration of Nidhi Company Following information and documents are required :

  1. Minimum 7 Members are required
  2. Minimum 3 Director are required , Please note that Director should also be member of Nidhi Company
  3. Minimum Paid up Capital and Authorized Share Capital at the time of Registration should be Rs. 5 Lakh
  4. Mobile No and Email id of Members and Directors
  5. PAN Card Copy of all the Members and Directors
  6. Aadhar Card Copy of all the Members and Directors
  7. Bank Statement copy with Address and not older than 2 months
  8. Photo – Passport Size
  9. Duly Signed Digital Signature Form
  10. Video for Digital Signature (20 Sec) of all the Members
  11. Office Address
  12. Office Address Electricity Bill, Rent Agreement, if rented and NOC from Owner

Procedure for Registration of Nidhi Company –

  1. Signing of Incorporation Documents – Form DIR-2, INC-9 , Declaration for Compliance of Nidhi Rules , 2014
  2. Now Application is required to be submitted to CRC online with Incorporation forms along with required fee
  3. CRC review the application and if found any issue , sent it for re submission. Other Company gets Incorporated
  4. Resubmit the Application
  5. Approval of Application
  6. Certificate of Registration/PAN/TAN is issued to Company
  7. Filing of Form INC 22 for Office address , if you have given Communication address while Incorporation of Company than you are required to file Form INC22 for Office address within 30 days of Registration of Company
  1. Opening of Bank Account of Nidhi Company :
  2. Once the Company is Incorporated, you are required to open a Bank Account of Company with Bank of your Choice and Deposit the subscription amount to Bank .
  3. Filing of Form INC 20A for Business Commencement
  4. Filing of Form ADT-1 for Auditor Appointment of the Company

If you have any queries related to Registration of Nidhi Company Please Place your request at Place your Request – Get Fastlegal Support

For More details :

Nidhi Company Registration and Nidhi Rules 2014 Requirements – Academy by Fastlegal

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Nidhi Company Software in India

Nidhi Company is Finance Company which lends money and accept deposit form its members only. Every Nidhi Company has to follow Provisions of Nidhi Rules and Companies Act, 2013. It is very important that all the procedure relating to admission of members, allocation of shares, creating schemes for Loans, disbursements of loans, Opening of Savings Account, RD Account and FD Account are carried out in simple and hassle-free manner that you feel very little need for managing legal compliance and focus on your business.

Fastlegal Nidhi Software :

Fastlegal has its own in-house Nidhi Software which was built by top it experts and Company Secretaries to its clients, Fastlegal Nidhi Software has all the features that are required for finance business. following are main features of Fastlegal Nidhi Software :

  1. Member Addition and Reporting in Single Click
  2. Share Allotment and Transfer to members
  3. Automatic Share Certificate Printing
  4. Automatic Share Transfer form Printing
  5. Member Application Form Printing
  6. Loan Account Opening and Management with Automatic EMI Scheduler and informer
  7. Savings, RD and FD account Opening with Bond and Statement Printing
  8. SMS Gateway
  9. Compliance Alerts at every step
  10. Automatic Half Yearly and Yearly Return Preparation
  11. Real-Time update for change in Nidhi Rules and automatic updation
  12. Data Backup and Restore Options
  13. Facility to create Multiple Users for Different Roles
  14. Approval Facilities
  15. KYC Uploading Facilities …. many more

Get Free Demo For Fastlegal Nidhi Software 

Call : 9782280098 Or Email Us At [email protected]

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How to Register Nidhi Company in India

Nidhi Company is most popular form for giving loan to its members and accept deposits from its members. It is also called mutual benefit Company. For Providing Loan and Accepting Deposits you have to register Nidhi Company and with the Capital of Nidhi Company subject to Condition provided in Nidhi Rules you can lend money and accept deposit from Its members.

Nidhi Company will always be public limited company and its name should end with ‘Nidhi Limited”, Presently Nidhi Company is becoming very popular for lending business.

Nidhi Company Registration Procedure:

  • Obtaining DSC for All the members and Directors
  • Obtaining DIN for All the Directors
  • Application for Approval of name
  • Preparation and Drafting of Incorporation documents
  • Signing of Incorporation Documents
  • Application for Incorporation of Nidhi Company with ROC
  • Approval by ROC, after verifying all  the required documents and information.

Basic Features about Nidhi Company for Registration:
1. Required Minimum 3 Directors and 7 Shareholders
2. Can Accept Deposits From its members
3. Body Corporate and Benifit of Limited Liability
4. Can Land Money to its Members
5. Can Provide Locker Faciltity to its members
6. Required to have Minimum 200 members within one Year
7. Best suited for Small lending and desposit Business
8. Minimum Capital Rs. 5 Lakh at the time of Incorporation and Thereafter required to have Rs. 10 Lakh.

Documents Required For Nidhi Company Registration

1. PAN of all Directors
2. Voter ID/DL/Aadhar Card/Passport of All Directors /members
3. Passport Photo of all Directors
4. Latest Bank Passbook/Statement or Electricity/Boradband Bill
5. Latest utility bill (electric bill/telephone bill) and Rent Agreement or latest tax receipt/ownership deep of the property for the property to be used for registered office

Click here to get Free Legal Support form Fastlegal Team Members for Nidhi Company Registration