Applicability of rule 9a

This query is : Resolved

SREENATH P. (Querist)
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11 September 2018 Dear Experts,

Whether recently introduced Rule 9A of Prospectus and allotment of Securities Rule, 2014 is applicable to NIDHI Companies?

Thanks in advance

CS Peer mehboob

CS Peer mehboob (Expert)
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11 September 2018 Nidhi Companies are exempted from various provisions of the Companies Act at different specific places in companies act. for e.g. in section 20, MCA has issued clarification for nidhi companies, likewise section 42, 62 etc. various sections are exempted for nidhi companies. However, no such exemption is provided under Section 29 read with Rule 9 and Rule 9A for Nidhi Companies. Hence, provisions of dematerialisation will be applicable for Nidhi companies if they are unlisted public companies.