Every company declared as Nidhi or Mutual Society as per section 620A of Companies Act, 1956
Every company functioning as per Nidhi rules whether registered or not
Every company incorporated or declared as a Nidhi company as per section 406 of Companies Act, 2013
A Nidhi Company proposed to be incorporated under this act must be a public company
It must have a minimum paid-up equity share capital of Rupees Five lakh (5,00,000)
“Nidhi Limited” must be the part of its name
It should hold only equity shares, no preference shares shall be issued
The object of the Nidhi Company must be to cultivate the habit of savings and exchanging funds among members for mutual benefit
Minor cannot be a member
A trust or a body corporate cannot be a member of the Nidhi Company
Minimum 200 (Two hundred) members
Net-owned funds of at least Rs.10 Lakh
Net owned funds to deposits proportionate (ratio) not more than 1:20
Form | Compliance | Due date for filing |
Form NDH -1 | Return of Statutory compliances containing details of members, loans, deposits, reserves of the concerned financial year. | It is to be filed within 90 days of the end of the financial year. This form must be certified by a practicing professional. |
Form NDH -2 | Application for Extension to file NDH -1 This form is required to be filed when –· The company fails to fulfill the requirement of 200 members in the first year of incorporation· The net owned funds to deposit ratio of 1:20 is not maintained | It is to be filed within 90 days of the end of the financial year to the Regional Director. |
Form NDH -3 | Half–yearly return | Form NDH -3 needs to be filed within 30 days of the closure of half-year (FY) with the ROC. It must be Certified by a professional. |
Form NDH -4 | Application for declaration as a Nidhi and updating status | For New Companies –NDH – 4 needs to be filed within 60 days of the expiry of the incorporation year. For Existing Companies –Within 6 months from the date of commencement of Nidhi rules, 2019. Failure to file Form NDH-4 will not allow companies to file Form SH -7 (Alteration of Capital) and Form PAS – 3 (Return of allotment) |
Form AOC -4 | Financial statements including balance sheet, Profit and loss statement along with other supporting documents | This form must be filed within 30 days of the conclusion of the annual general meeting (AGM) with the registrar of companies. |
Form MGT-7 | Form for filing the Annual return of the company | Within 60 days of the conclusion of the AGM. |
Form | Compliance | Due date |
ITR – 6 | Income Tax Return | It needs to be filed by 30th September. |
The organization and the officers in default will be liable to pay an amount of Rs.5000 each
Continue infringement will lead to an additional fine of Rs.500 per day