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| Rules governing Nidhi companies amended | | | agencies
NEW DELHI, Apr 20: The Central government has amended rules governing Nidhi companies in order to protect the interests of the people.
"Before becoming its member, one must ensure declaration of a company as a Nidhi by the Central government and towards this a few necessary or important amendments in the rules have been carried out," a statement from the Ministry of Company Affairs said on Wednesday.
A public company incorporated as a Nidhi with a share capital of Rs 10 lakh will have to first get itself declared as a Nidhi from the Centre by applying in form NDH-4 with a minimum membership of 200 and NOF of Rs. 20 lakh within 120 days of its incorporation.
The promoters and directors of the company will have to meet the criteria of fit and proper person as laid down in the rules.
"For timely disposal, it has also been provided in amended rules that in case no decision is conveyed by the Central government within 45 days of the receipt of applications filed by companies in form NDH-4, approval would be deemed as granted. This would apply for such companies which shall be incorporated after Nidhi (Amendment) Rules, 2022," the statement added. |
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