Annual Filing Of Nidhi Company

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Annual Filing Of Nidhi Company


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About Annual Filing Of Nidhi Company

Every Nidhi company has to submit its annual returns to MCA and another regulatory department by 30th September of the following financial year.

Nidhi Company is a kind of company which is registered under Companies Act, 2013. Nidhi Company is the public limited company which is made with the only purpose of accepting deposits and lending money only to its members. It is also Non-Banking Financial Company (NBFC) that has been exempted from the provisions of Reserve Bank of India (RBI)

In other words, we can say that Nidhi companies are allowed to take a deposit from its members and lend to its members only. As a result, the funds contributed for Nidhi company are only from its members (shareholders) and are used only by the shareholders of the Nidhi Company. Therefore, Nidhi Company is an ideal entity to take a deposit from and lend to the specific group of people.

Documents Required

Auditors Report

DSC

Board Minutes

Complainces

There is various compliance are to be taken care of like ratio, company law, money laundering etc. Hence, a study of all relevant act is important. Further, important compliance as per Nidhi Rules and Companies Act are as follows:

Every Nidhi Company is required to file form NDH-1 along with the prescribed fees and duly certified by the company secretary in practice or a chartered accountant in practice or a cost accountant in practice. It has to be filed within the period of 90 days from the close of the first financial year after its incorporation and where applicable, the second financial year.

Nidhi Company needs to file form NDH-2 along with the prescribed fees with the regional director for an extension of time In case of non-compliance with following:

  • To ensure 200 members in a financial year.
  • To maintain the Net owned funds to deposit ratio of 1:20.
Regional Director may consider the application and pass orders within the period of 30 days of receipt of the application.

Nidhi Company is also required to file form NDH-3. This is a half yearly return which is required to filed for at the end of 30th September and 31st March every time. Under this return details pertaining to Nidhi company including the number of members ( existing, newly admitted and ceased), total deposits, loans etc. are to be disclosed.

In case of non-compliance of Rule 5 sub-rule (1) beyond the second financial year, Nidhi Company shall not accept any further deposits from the commencement of the second financial year till it complies with the provisions contained in rule 5 sub-rule (1) of Nidhi Company Rules2014, besides being liable for penal consequences as provided in the Act

Process

Prepare the forms and required documents

Attestation of Designated Partners

File the forms on MCA Portal.

Frequently Asked Questions

What is Annual Filling?

As a part of Annual Filing, Companies incorporated under the Companies Act 1956 or Companies Act 2013, are required to file the following e-Forms with the Registrar of Companies (ROC):

  • Form AOC-4: For filing financial statement and other documents
  • Form MGT-7: Form for filing Annual Return by Companies having share capital
  • Form NDH-1: Statutory Compliance
  • Form NDH-3: half yearly compliance

Every company should ensure the following within 1 year.

  • Minimum members must not be less than 200.
  • Minimum net owned fund should be at least Rs.10,00,000.
  • The ratio between net owned funds and deposits must not be more than 1:20.
  • No Body corporate or trust must be admitted to it as its member.
  • A minor should be a part of it.

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