{"id":218582,"date":"2019-08-23T18:00:43","date_gmt":"2019-08-23T12:30:43","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=218582"},"modified":"2019-08-23T16:40:49","modified_gmt":"2019-08-23T11:10:49","slug":"central-govt-notifies-nidhi-amendment-rules-2019","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/23\/central-govt-notifies-nidhi-amendment-rules-2019\/","title":{"rendered":"Central Govt. notifies — Nidhi (Amendment) Rules, 2019"},"content":{"rendered":"

G.S.R. 467(E)\u2014<\/strong>In exercise of the powers conferred by sub-section (1) of Section 406 read with sub-sections (1) and (2) of Section 469 of the Companies Act, 2013, the Central Government hereby makes the following rules, to amend the Nidhi Rules, 2014, namely:-<\/p>\n

1. (1) These Rules may be called the Nidhi (Amendment) Rules, 2019<\/strong><\/span>.<\/p>\n

\u00a0 \u00a0 (2) They shall come into force with effect from 15 August, 2019.<\/p>\n

2. In the Nidhi Rules, 2014 (hereinafter referred to as \u201csaid rules\u201d), in Rule 2, after clause (c), the following clause shall be inserted, namely:-<\/p>\n

\u201c(d) every company declared as Nidhi or Mutual Benefit Society under sub-section (1) of Section 406 of the Act<\/strong>\u201d.<\/p>\n

3. In the said rules, in Rule 3, after clause (d), the following clause shall be inserted, namely:-<\/p>\n

\u2018(da) \u201cNidhi\u201d means a company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with the rules made by the Central Government for regulation of such class of companies.\u2019<\/span><\/strong><\/p>\n

4. In the said rules, after Rule 3, the following rule shall be inserted, namely:-<\/p>\n

\u201c3A. Declaration of Nidhis ? The Central Government, on receipt of application (in Form NDH-4 along with fee thereon) of a public company for declaring it as Nidhi and on being satisfied that the company meets the requirements under these rules, shall notify the company as a Nidhi in the Official Gazette:<\/p>\n

Provided that a Nidhi incorporated under the Act on or after the commencement of the Nidhi (Amendment) Rules, 2019 shall file Form NDH-4 within sixty days from the date of expiry of:-<\/p>\n

(a) one year from the date of its incorporation; or<\/p>\n

(b) the period up to which extension of time has been granted by the Regional Director under sub-rule (3) of Rule 5:<\/p>\n

Provided further that nothing in the first proviso shall prevent a Nidhi from filing Form NDH-4 before the period referred therein:<\/p>\n

Provided also that that in case a company does not comply with the requirements of this rule, it shall not be allowed to file Form No. SH-7 (Notice to Registrar of any alteration of share capital) and Form PAS-3 (Return of Allotment).\u201d.<\/p>\n

5. In the said rules, in Rule 4, –<\/p>\n

(i) in sub-rule (1), the words, \u201cto be incorporated under the Act\u201d shall be omitted;<\/p>\n

(ii) in sub-rule (5), the words \u201cCompany incorporated as a\u201d shall be omitted.<\/p>\n

6. In the said rules, in Rule 5, \u2013<\/p>\n

(i) in sub-rule (1), for the words \u201cfrom the commencement of these rules\u201d, the words \u201cfrom the date of its incorporation\u201d shall be substituted;<\/p>\n

(ii) in sub-rule (3), before the Explanation, the following proviso shall be inserted, namely:-<\/p>\n

\u201cProvided that the Regional Director may extend the period upto one year from the date of receipt of application.\u201d.<\/p>\n

(iii) in sub-rule (4), after the words, brackets and figure \u201ccontained in sub-rule (1)\u201d, the words, brackets and figures \u201cand gets itself declared under sub-section (1) of Section 406\u201d shall be inserted.<\/p>\n

7. In the said rules, in rule 7, in sub-rule (1), after the words \u201cshall issue\u201d the words \u201cfully paid up\u201d shall be inserted.<\/p>\n

8. In the said rules, in Rule 12,?<\/p>\n

(i) in sub-rule (1) after clause (b), the following clause shall be inserted namely:-<\/p>\n

\u201c(ba) The date of declaration or notification as Nidhi\u201d;<\/p>\n

(ii) in sub-rule (2), in clause (a), for the words \u201cRegistrar of Companies\u201d, the words \u201cBench of the National Company Law Tribunal\u201d shall be substituted.<\/p>\n

9. In the said rules, in Rule 23, in sub-rule (2),-<\/p>\n

(i) for the words \u201cconcerned Regional Director\u201d, the words, \u201cCentral Government\u201d shall be substituted;<\/p>\n

(ii) for the words \u201csuch Regional Director\u201d, the words, \u201cCentral Government\u201d shall be substituted;<\/p>\n

(iii) in the proviso, for the words \u201cRegional Director\u201d, the words, \u201cCentral Government\u201d shall be substituted.<\/p>\n

*Please follow the link for detailed notification:<\/span> NOTIFICATION<\/a><\/strong><\/p>\n

\n

[Notification dt. 01-07-2019]<\/strong><\/p>\n

Ministry of Corporate Affairs<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

G.S.R. 467(E)\u2014In exercise of the powers conferred by sub-section (1) of Section 406 read with sub-sections (1) and (2) of Section 469 <\/p>\n","protected":false},"author":8808,"featured_media":209748,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[37232,37233],"class_list":["post-218582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-statutes","tag-nidhi-amendment-rules-2019","tag-section-406-of-companies-act-2019"],"yoast_head":"\nCentral Govt. notifies -- Nidhi (Amendment) Rules, 2019 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Key points: In rule 3A dealing with declaration of Nidhis, the following provisos shall be inserted: \"Provided also that no company, which has not complied with the requirements of\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":184524,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/29\/companies-appointment-qualification-directors-amendment-rules-2018-notified\/","url_meta":{"origin":218582,"position":2},"title":"The Companies (Appointment and Qualification of Directors) Amendment Rules, 2018, notified","author":"Saba","date":"January 29, 2018","format":false,"excerpt":"G.S.R\u2026 (E)- In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: 1. (1) These rules may\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":196057,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/05\/17\/the-prevention-of-money-laundering-maintenance-of-records-amendment-rules-2018-notified\/","url_meta":{"origin":218582,"position":3},"title":"The Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018, notified","author":"Saba","date":"May 17, 2018","format":false,"excerpt":"G.S.R. 456(E).\u2014In exercise of the powers conferred by sub-section (1) read with clause (i), clause (j), clause (jj) and clause (k) of sub-section (2) of Section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation with the Reserve Bank of India hereby makes\u2026","rel":"","context":"In "Foreign Legislation"","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":218309,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/17\/companies-share-capital-and-debentures-amendment-rules-2019\/","url_meta":{"origin":218582,"position":4},"title":"Companies (Share Capital and Debentures) Amendment Rules, 2019","author":"Bhumika Indulia","date":"August 17, 2019","format":false,"excerpt":"G.S.R. 574(E)\u2014In exercise of the powers conferred by sub-sections (1) and (2) of Section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Share Capital and Debentures) Rules, 2014, namely: - 1. (1) These rules may be\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":214837,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/05\/18\/notification-companies-appointment-and-qualification-of-directors-second-amendment-rules-2019\/","url_meta":{"origin":218582,"position":5},"title":"Notification | Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2019","author":"Bhumika Indulia","date":"May 18, 2019","format":false,"excerpt":"G.S.R. 368(E).\u2014In exercise of the powers conferred by the second proviso to sub-section (1), sub-section (4), clause (f) of sub section (6) of Section 149, sub-sections (3) and (4) of Section 150, Section 151, sub-section (5) of Section 152, Section 153, Section 154, Section 157, Section 160, sub-section (1) of\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/218582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=218582"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/218582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/209748"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=218582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=218582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=218582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}