Nidhi Company

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27 Points Posted on 13 January 2021
How to add members in Nidhi Company ? What are the relevant provisions and procedure for this?
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On 13 January 2021 at 20:16 Report
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This discussion outlines the process for adding members to a Nidhi Company. It details the necessary steps, including share allocation, board resolutions, and updating the share transfer register. Key requirements such as a minimum of 200 members, a share capital of ₹5 lakh, and maintaining a specific debt-to-fund ratio are also highlighted.

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Chartered Accountant
16188 Points Posted on 13 January 2021
Nidhi company shall have minimum 200 members
Share capital shall be 500000 rupees
Audit shall be carried out of Nidhi Companies
Nidhi company shall maintain ratio of Net owed Debt Funds at 1:20
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On 13 January 2021 at 22:15
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10683 Points Posted on 14 January 2021
Procedure to add members under Nidhi Company

Choose and divide shares: ...

Attach the share certificate with FORM SH – 4: ...

Attach along with Membership Form: ...

Hand over the share certificate to him: ...

Pass board resolution for each entry: ...

Enter details in Share Transfer Register:
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On 14 January 2021 at 09:41
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Accountant
1331 Points Posted on 16 January 2021
Minimum of seven members is needed to start a Nidhi Company, out of which three members must be the Directors of the Company. Minimum paid-up equity share capital of Rs. 5 lakh is required to start a Nidhi Company. Not to issue preference shares and if it is issued the same to be redeemed as per the terms of the issue.
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On 16 January 2021 at 19:32

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