Nidhi Company is registered as the public company with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit. Nidhi companies are also called as the mutual benefit societies, because they accept deposits and give loans to their own members. Every Company incorporated as a “Nidhi” shall have the last words ‘Nidhi Limited’ as part of its name.
For their registration of Nidhi Company, atleast 7 subscribers and 3 directors are required with the specified objects of working and the minimum paid up capital is also required. Under this roof, only the individual can be the member of the company and body corporate or trust cannot be the member of this company. It also has specified conditions which are required to be complying within the first financial year. The specified conditions are as follows:
To any type of business who wants:-