1. Board Meetings

• A Nidhi Company must hold a minimum of four board meetings in a calendar year.
  
• The gap between two consecutive board meetings should not exceed 120 days.
  
• These meetings are necessary to review and approve financial operations, loans, deposits, policies, and compliance filings.
  
• All decisions must be recorded in the Minutes Book and signed by the Chairman.
  
• The notice of the meeting should be sent to all directors at least seven days in advance.
  

2. Annual General Meeting (AGM)

• An AGM must be held once every financial year.
  
• The first AGM must be held within nine months from the end of the first financial year, and it can be the only AGM for that year.
  
• Subsequent AGMs should be held within six months of the financial year-end, but not later than 15 months from the previous AGM.
  
• The AGM includes approval of audited financial statements, dividend declarations, director reports, and auditor appointments.
  
• A notice of the AGM must be sent to members at least 21 clear days in advance.
  

3. Extraordinary General Meetings (EGMs)

• EGMs can be called at any time to deal with urgent matters that cannot wait until the AGM.
  
• They are convened by the Board of Directors or on the requisition of eligible members.
  
• EGMs typically address issues such as alteration of MOA/AOA, appointment or removal of directors, and special resolutions.
  
• A clear agenda and purpose must be specified in the notice.
  
• EGMs follow the same notice and quorum requirements as AGMs.
  

4. Committee or Sub-Committee Meetings

• Internal committees such as Loan Committee, Audit Committee, or Member Admission Committee may meet as per operational needs.
  
• These meetings are not mandatory under law but are encouraged for efficient governance and accountability.
  
• Minutes must be maintained, and significant decisions should be ratified by the Board.
  
• Frequency depends on the volume of operations, the complexity of loans, and the financial oversight needs.
  
• The company may define the frequency in its internal policies or bylaws.
  

5. Record Maintenance and Compliance

• Minutes of all meetings must be properly recorded, signed, and maintained in statutory registers.
  
• A Nidhi Company must maintain separate registers for members’ meetings and board meetings.
  
• Meeting records should be made available during audits, inspections, and compliance checks.
  
• Non-compliance with meeting requirements can lead to penalties, fines, or the disqualification of directors.
  
• Timely and documented meetings ensure legal compliance and sound corporate governance.