Nidhi Company is classified as NBFC (a Non-Banking financing company) which is registered under section 406 of companies Act, 2013, In India it is created for cultivating the habit of thrift and saving among its members. The best feature of that make differences Nidhi Company from other companies is NBFCs is that it can “Give” and “Take” “loan” and “Advances” to members (shareholder) for benefits of its members. Though Nidhi Company is mainly created to create saving habits from its members.
| Form | Compliance | Due Date |
|---|---|---|
| Form NDH-1 | (Return of Statutory Compliance) – These forms contain all the information regarding members, deposits, loans, reserves, etc., for full financial years. E-Form GNL-2 for the submission of the documents with the Registrar | Within the 90 days from the closure of the Financial Year, along with fees. |
| Form NDH-2 | This Form is for the extension of time and this Form is filed if: · The Company fails to add at least 200 members within 120 days of incorporation. · Failure to maintain the NOF to deposit ratio of 1:20. | This Form must be filed with the Regional Director within 90 days from the closure of the financial year, along with the prescribed fees. |
| Form NDH-3 | This Form is used for Half-yearly returns and it should be filed with the Registrar of Companies. | This Form should be filed within 30 days from the conclusion of the half-year. |
| Form NDH-4 | This Application is for the declaration as Nidhi Company | For a New Nidhi Company: Within the duration of 60 days post expiration of 1 year from the date of incorporation. For Existing Nidhi Company: Within a time of 120 days from the commencement dates as per the Rules 2022. |
| NDH-5 | This Form is the format of advertisement to be given while closing branch. | A Nidhi Company in India shall not close any branch unless it: · Publishes an advertisement in vernacular language in the place where it conducts business at least 30 days prior to such closure. · A copy of such advertisement or notice informing such closure of the branch on the notice board of Nidhi for a period of at least 30 days from the date on which the ad was published under clauses (a) & (c) gives an intimation to the Registrar within 30 days of such closure. |
| AOC-4 | Filing of Financial Statements | Within 30 days from the date of the Company’s AGM. |
| MGT-7 | Annual return along with a list of all the members serving the Company | Within 60 days of the AGM. |
| ITR-6 | Income Tax Return | By 30th September |
What is NIDHI COMPANY ?
Nidhi Company is an NBFC (Non-Banking Financial Company). Nidhi in simple terms means a company which is formed with the object of cultivating the habit of thrift and savings amongst the members and receiving deposits from and lending to the members for their mutual benefits.
The main motive of establishing Nidhi Company is to encourage member to save so that they can fulfill their own financial requirement which arises them time to time. So that they become self-sufficient and can fulfill all future expenses that may come up. And other benefits of registering are mentioned below.
The main motive of establishing Nidhi Company is to encourage member to save so that they can fulfill their own financial requirement which arises them time to time. So that they become self-sufficient and can fulfill all future expenses that may come up. And other benefits of registering are mentioned below.
There are several more advantages to forming a Nidhi company. Few of them are mentioned below:
RBI imposed a very few Guidelines in Nidhi companies. Nidhi companies are governed under the Nidhi rules 2014 and its activities and operations are controlled by central government.
In case if Nidhi Company suffers from any financial distress in course of business then the personal property of directors and members are not at risk. Liability of shareholders and Directors are limited.
Nidhi companies enjoys the benefit of better credibility based on trust cooperative or NGOs.
The from from Nidhi companies are Cheaper than banks and Other NBFCs companies for it’s shareholder. And the process for taking loan from this Banks And are easier and quicker.
For Inviting deposits from general public, Nidhi company is the cheapest wa. We just need to take them as registered member.
The process of registering a Nidhi company is very easy and simple with setupfilings you can register your Nidhi Company. You will not have to take seprate license from RBI. Simply we have to register a public limited company with MCA.
Lending and Borrowing to know person which belongs to same group of people is much less complicated than dealing with bank where loan procedure is very hassle and fixed.
Nidhi Company can purchase assets and Lend to other, Nidhi company can be sued or sue other, It has separate legal entity.
Following are some Event-Based Compliances of a Nidhi Company that should be followed when there is any change in the Nidhi Company’s structure which are non-periodical:
| BASIC | STANDARD | PREMIUM |
|---|---|---|
| 2 DSC 2 Years validity | 2 DSC 2 Years validity | 3 DSC 2 Years validity |
| 2 DIN Number for Director | 2 DIN Number for Director | 2 DIN Number for Director |
| Name Approval for company | Name Approval for company | Name Approval for company |
| Authorized capital of 10 Lakh | Authorized capital of 10 Lakh | Authorized capital of 10 Lakh |
| Incorporation fees | Incorporation fees | Incorporation fees |
| PAN And TAN of Company | PAN And TAN of Company | PAN And TAN of Company |
| Incorporation KIT | Incorporation KIT | Incorporation KIT |
| Goods And Service Tax (GST) | Goods And Service Tax (GST) | |
| Udyam Registration | Udyam Registration | |
| Import Export code (IEC) | ||
| ISO Certification 3 Years Validity |
Answer: Yes, It’s necessary to use, However the Word “mutual benefits?” can also be used in the place of Nidhi Company.
Witness with first hand, direct from our lovely cusromers
Copyright © Flex Care Solution 2025 Develop By Spiderweb.