Deposit Collection

Acceptance of deposits by Nidhi Company and Net owned funds.

(1) A Nidhi shall not accept deposits exceeding twenty times of its Net Owned Funds (NOF) as per its last audited financial statements.

(2) In the case of companies covered under clauses (a) and (b) of rule 2 and existing on or before 26th July, 2001 and which have accepted deposits in excess of the aforesaid limits, the same shall be restored to the prescribed limit by increasing the Net Owned Funds position or alternatively by reducing the deposit according to the table given below:

Ratio of Net Owned Funds to Deposits (as on 31.3. 2013) Date by which the company has to achieve prescribed ceiling of 1:20
a) More than 1:20 but upto 1:35 By 31.3. 2015
b) More than 1:35 but upto 1:45 By 31.3. 2016
c) More than 1:45 By 31.3. 2017

(3) The companies which are covered under the Table in sub-rule (2)above shall not accept fresh deposits or renew existing deposits if such acceptance or renewal leads to violation of the prescribed ratio.

(4) The ratio specified in sub-rule (2) above shall also apply to incremental deposits.

Ozg Nidhi / Mutual Benefit Co. Experts

Ozg Business Resource Center

www.nidhicompany.com

Feel free to drop your query here or simply email to: ask@mutualbenefit.co.in





Ozg Law ~ Ozg Law ~ Ozg Law ~ Ozg Law ~ Ozg Law ~ Ozg Law ~ Ozg Law ~ Ozg Law

Advertisements