INTRODUCTION TO NIDHI COMPANY AND HOW TO REGISTER NIDHI COMPANY
INTRODUCTION TO NIDHI COMPANY AND HOW TO REGISTER NIDHI COMPANY DUDHORIA CONSULTANCY SERVICES PVT LTD Introduction: In India, Nidhi Companies are formed with the object of cultivating habit of thrift and savings among its members, receiving deposits from, and lending to its members only, for their mutual benefit. Section 406 of the Companies Act, 2013, the Companies (Nidhi Companies) Rules, 2014 and Chapter XXVI of the Companies Rules, 2014 deals with the provision of Nidhi Companies. Applicability: Nidhi Rules, 2014 shall be applicable to the following: (a)Every company which had been declared as a Nidhi or Mutual Benefit Society under sub-section (1) of Section 620A of the Companies Act, 1956; (b) Every company functioning on the lines of a Nidhi company or Mutual Benefit Society but has either not applied for or has applied for and is awaiting notification to be a Nidhi or Mutual Benefit Society under sub-Section (1) of Section 620A of the Companies Act, 1956; and (c) Every co