The requirement of filing of NDH-4 is mentioned in section 406 of Companies Act, 2013 and rule 3A, 23A and 23B of Nidhi Rules, 2014.
Ministry has issued notification on July 1, 2019 and notified Rule 3A of Nidhi (Amendment) Rules, 2019. These rules came into effect from August 15, 2019. In these rules MCA has introduced a new form NDH-4 i.e. Declaration of Nidhi. In this form a Nidhi Company will have to declare about the compliance of Nidhi under the Companies Act, 2013.
Applicability of NDH-4
A. If Company Incorporated before Nidhi (Amendment) Rules, 2019
As per rule 23A, Every company referred to in clause (b) of rule 2 and every Nidhi incorporated under the Act, before the commencement of Nidhi (Amendment) Rules, 2019, shall also get itself declared as such in accordance with rule 3A within a period of one year from the date of its incorporation or within a period of 2[nine months] from the date of commencement of Nidhi (Amendment) Rules, 2019, whichever is later:
As per Rule 23A, Every Nidhi Company incorporated before commencement of Rule 3A need to file NDH-4 within following period:
• One-year form date of Incorporation or
• Nine months from the date of commencement of Amendment rules
Whichever is later.
Therefore, due date for filing of such NIDHI Companies were 15th May, 2020.
B. If Company Incorporated after Nidhi (Amendment) Rules, 2019
Provided that a Nidhi incorporated under the Act on or after the commencement of the Nidhi (Amendment) Rules, 2019 shall file Form NDH-4 within sixty days from the date of expiry of :-
a) one year from the date of its incorporation or
b) the period up to which extension of time has been granted by the Regional Director under sub-rule (3) of rule 5:
As per Rule 3A, if Nidhi Company incorporated after Commencement of these amendment rules i.e. August 15, 2019 then such Nidhi Company have to file NDH-4 within 60 days from the date of Incorporation.
Consequences of Non-filing of NDH-4
In case a company does not comply with the requirements of this rule, it shall not be allowed to file Form No. SH-7 (Notice to Registrar of any alteration of share capital) and Form PAS-3 (Return of Allotment).]
Penalty
The company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees, and where the contravention is a continuing one, with a further fine which may
extend to five hundred rupees for every day after the first during which the contravention continues.
Information Required to mention in NDH-4
In case a company does not comply with the requirements of this rule, it shall not be allowed to file Form No. SH-7 (Notice to Registrar of any alteration of share capital) and Form PAS-3 (Return of Allotment).]
- Whether the company has complied with the Nidhi Rules, 2014
- The ratio of net owned funds to deposits accepted
- Is the ratio of loan on immovable property within the prescribed limit
- Whether the company has carried out any financial dealings with any person other than its members.
Mandatory attachments of NDH-4
- Copy of the resolution of the Board of Directors in support of the proposal of the Company
- Certificate signed by two Directors regarding the number of members as on date of application (membership should not be less than 200)
- Certificate from the auditor of the Company to the effect that the Company has complied with the Nidhi Rules, 2014
- In case the user selects the “Application for updation of status by Nidhi” then a copy of notification through which Company was declared Nidhi under the Companies Act is required to be attached.
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