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

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....unds of ten lakh rupees or more; (c) unencumbered term deposits of not less than ten per cent. of the outstanding deposits as specified in rule 14; and (d) ratio of Net Owned Funds to deposits of not more than 1:20. (2) Within ninety days from the close of the first financial year after its incorporation and where applicable, the second financial year, Nidhi shall file a retur....

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.... application.] Explanation.- For the purpose of this rule "Regional Director" means the person appointed by the Central Government in the Ministry of Corporate Affairs as a Regional Director; (4) If the failure to comply with sub-rule (1) of this rule extends beyond the second financial year, Nidhi shall not accept any further deposits from the commencement of the second financial year till ....