by Audit Analyst | Oct 13, 2025 | Nidhi Company
1. Regulatory Authority under the Companies Act, 2013 The Ministry of Corporate Affairs (MCA) is the central regulatory body responsible for governing and overseeing Nidhi Companies. MCA regulates Nidhi Companies under Section 406 of the Companies Act, 2013. It has...
by Audit Analyst | Oct 13, 2025 | Nidhi Company
1. Digital Member Management and Onboarding Nidhi Companies can implement membership management software to streamline onboarding, maintain records, and issue share certificates digitally. Use of online KYC verification tools ensures secure and compliant member...
by Audit Analyst | Oct 13, 2025 | Nidhi Company
1. Meaning and Legal Nature Deposits in a Nidhi Company refer to the amounts accepted from members under specific schemes like savings, fixed, or recurring deposits. Contributions refer to the initial capital or share subscriptions made by members to become part of...
by Audit Analyst | Oct 13, 2025 | Nidhi Company
1. Verification of Membership and Compliance with Member Limits Confirm that the company has a minimum of 200 members within one year of incorporation. Verify the register of members, membership forms, and supporting documents. Ensure that only individuals are...
by Audit Analyst | Oct 13, 2025 | Nidhi Company
1. Voluntary Closure through Strike Off under Section 248 A Nidhi Company may apply for closure by applying strike off under Section 248 of the Companies Act, 2013. This applies when the company has ceased all business operations for at least one year. The Board must...
