Nidhi Company Annual Filing
A Nidhi Company, registered under the Companies Act, 2013,
operates with the primary objective of fostering thrift and
savings habits exclusively among its members. It is categorized as
a Non-Banking Financial Company (NBFC) and enjoys exemption from
certain provisions of the RBI Act, 1934.
Similar to other entities under the Companies Act, 2013, a Nidhi
company must adhere to specific compliance requirements:
Should a Nidhi Company fail to comply beyond the second financial
year, it is prohibited from accepting further deposits starting
from the commencement of the subsequent financial year until it
rectifies the non-compliance as per Rule 5(1) of the Nidhi Company
Rules, 2014. Additionally, non-compliance may lead to penal
consequences under the provisions of the Act.
Procedure for Registration
Step 1: Documentation and Information Submission:
Furnish the requisite documents necessary for compliance and other
filing obligations.
Step 2: Ensure Full Annual Compliance:
Our expert advisors will assist your Section 8 company in
fulfilling all annual and mandatory compliance requirements.
Documents Required for LLP Annual Filing
The following documents are required for compliance purposes:
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Nidhi Company Annual Filing FAQ's
What is the purpose of annual filing for a Nidhi Company?
Annual filing ensures that a Nidhi Company is compliant with the Companies Act, 2013 and Nidhi Rules, 2014. It helps the government monitor the financial health, operations, and adherence to rules regarding deposits, loans, and member activities.
Is annual filing mandatory for all Nidhi Companies?
Yes, annual filing is mandatory for all Nidhi Companies, irrespective of their size or profitability. Non-compliance can lead to penalties, restrictions on operations, and legal proceedings against the company and its directors.
What specific compliance requirements are unique to Nidhi Companies?
Nidhi Companies must meet compliance requirements such as maintaining a minimum membership of 200 members, adhering to net-owned fund to deposit ratio rules (1:20), and ensuring no single member deposits exceed 2% of the total deposits.
When is the deadline for Nidhi Company annual filing?
The deadlines for Nidhi Companies align with other companies' requirements: the financial statements must be filed by September 30th following the fiscal year, and annual returns within 60 days of the Annual General Meeting (AGM).
What happens if a Nidhi Company fails to file its annual returns?
Failure to file annual returns can result in penalties, additional fees, and the suspension of the company’s ability to accept deposits or lend money. Persistent non-compliance may lead to disqualification of directors and other legal actions.
Does the annual filing include reporting of deposits and loans?
Yes, Nidhi Companies must report details of deposits accepted, loans disbursed, and repayment patterns as part of their annual filings. This ensures transparency and compliance with Nidhi-specific rules.
How does the annual filing reflect the membership status of a Nidhi Company?
The annual filing includes information on the number of members. If membership falls below 200, the company must take corrective measures or risk regulatory penalties, as maintaining this threshold is a critical compliance requirement.
Can a Nidhi Company e-file its annual returns?
Yes, all Nidhi Companies must file their annual returns electronically through the Ministry of Corporate Affairs (MCA) portal. This ensures accurate records and a streamlined filing process.
What role do directors play in Nidhi Company annual filing?
Directors are responsible for ensuring the accuracy of the financial and operational data submitted during the filing. They must verify and sign the forms, and any misstatements can lead to penalties or disqualification.
Are there penalties specific to Nidhi Companies for non-compliance?
Yes, apart from general penalties under the Companies Act, Nidhi Companies face additional consequences for not adhering to Nidhi Rules. These include restrictions on accepting deposits, inability to declare dividends, and other sanctions affecting their operations.
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