https://www.taxtmi.com/circulars?id=52427 These Rules prescribe a regulatory regime for Nidhi companies, restricting their objects to member thrift and savings, mandating the suffix 'Nidhi Limited', minimum capital and membership, prohibiting preference shares and external debt, confining business to accepting deposits from and lending to members only, setting deposit-to-Net Owned Funds ceilings and mandatory unencumbered term deposits, imposing deposit application disclosure and depositor verification requirements, limiting lending to specified securities with loan ceilings and interest caps, and prescribing prudential asset classification, provisioning, governance, reporting and enforcement mechanisms. en-us Mon, 09 Sep 2013 00:00:00 +0530 Wed, 11 Sep 2013 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52427 These Rules prescribe a regulatory regime for Nidhi companies, restricting their objects to member thrift and savings, mandating the suffix 'Nidhi Limited', minimum capital and membership, prohibiting preference shares and external debt, confining business to accepting deposits from and lending to members only, setting deposit-to-Net Owned Funds ceilings and mandatory unencumbered term deposits, imposing deposit application disclosure and depositor verification requirements, limiting lending to specified securities with loan ceilings and interest caps, and prescribing prudential asset classification, provisioning, governance, reporting and enforcement mechanisms. Circulars Companies Law Mon, 09 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52427