MCA notified the Nidhi (Amendment) Rules, 2022; raised the requirement of Minimum Net Owned Funds to Rs. 20 lakhs

The MCA, notifies Nidhi (Amendment) Rules, 2022. As per amended rules public company desirous to be declared as a Nidhi shall apply, in Form NDH-4, within a period of 120 days of its incorporation for declaration as Nidhi on fulfilling certain conditions. Amended rules prohibit the non-compliant Nidhi companies to raise any deposit from its members or provide any loan to them. Further, the Net Owned Funds requirement is raised to Rs. 20 lakh earlier the requirement was Rs 10 lakhsThe MCA, notifies Nidhi (Amendment) Rules, 2022. As per amended rules public company desirous to be declared as a Nidhi shall apply, in Form NDH-4, within a period of 120 days of its incorporation for declaration as Nidhi on fulfilling certain conditions. Amended rules prohibit the non-compliant Nidhi companies to raise any deposit from its members or provide any loan to them. Further, the Net Owned Funds requirement is raised to Rs. 20 lakh earlier the requirement was Rs 10 lakhstaxmann.com Latest Statutory HappeningsRead More

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