Nidhi incorporation conditions require pre-declaration fit-and-proper compliance and central government approval before commencement of business. Rule 3B requires a newly incorporated public company seeking declaration as a Nidhi to apply in Form NDH-4 within the stipulated post-incorporation period and meet membership and Net Owned Funds thresholds. The application must include a declaration that promoters and directors meet fit and proper criteria, covering integrity and the absence of enumerated disqualifications. The Central Government will examine the application and notify approval in the Official Gazette; approval must be filed with the Registrar and business commencement is permitted only after that approval. Failure to comply bars filing specified capital and allotment forms.
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Provisions expressly mentioned in the judgment/order text.
Nidhi incorporation conditions require pre-declaration fit-and-proper compliance and central government approval before commencement of business.
Rule 3B requires a newly incorporated public company seeking declaration as a Nidhi to apply in Form NDH-4 within the stipulated post-incorporation period and meet membership and Net Owned Funds thresholds. The application must include a declaration that promoters and directors meet fit and proper criteria, covering integrity and the absence of enumerated disqualifications. The Central Government will examine the application and notify approval in the Official Gazette; approval must be filed with the Registrar and business commencement is permitted only after that approval. Failure to comply bars filing specified capital and allotment forms.
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