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        Companies Law

        Rule 5 - Requirements for minimum number of members, net owned fund etc.

        Nidhi Rules, 2014
        Chapter 01

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        Minimum membership and capital requirements trigger mandatory statutory filings and may bar further deposit acceptance on noncompliance. Rule 5 requires every Nidhi, within a prescribed period from incorporation, to meet minimum membership and Net Owned Funds thresholds, maintain specified unencumbered term deposits relative to outstanding deposits, and observe a maximum Net Owned Funds to deposits ratio. It mandates filing Form NDH-1 with professional certification within set timelines, allows application to the Regional Director for an extension of time, and provides that failure to comply beyond the prescribed financial year horizon bars further acceptance of deposits and attracts penal consequences.
                  Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                  Provisions expressly mentioned in the judgment/order text.

                      Minimum membership and capital requirements trigger mandatory statutory filings and may bar further deposit acceptance on noncompliance.

                      Rule 5 requires every Nidhi, within a prescribed period from incorporation, to meet minimum membership and Net Owned Funds thresholds, maintain specified unencumbered term deposits relative to outstanding deposits, and observe a maximum Net Owned Funds to deposits ratio. It mandates filing Form NDH-1 with professional certification within set timelines, allows application to the Regional Director for an extension of time, and provides that failure to comply beyond the prescribed financial year horizon bars further acceptance of deposits and attracts penal consequences.


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