{"id":265652,"date":"2022-04-20T11:30:03","date_gmt":"2022-04-20T06:00:03","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=265652"},"modified":"2022-04-20T12:59:00","modified_gmt":"2022-04-20T07:29:00","slug":"minimum-paid-up-equity-share-capital-increased-from-five-lakh-to-ten-lakh-rupees-vide-nidhi-amendment-rules-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/20\/minimum-paid-up-equity-share-capital-increased-from-five-lakh-to-ten-lakh-rupees-vide-nidhi-amendment-rules-2022\/","title":{"rendered":"Minimum paid up equity share capital increased from five lakh to ten lakh rupees vide Nidhi (Amendment) Rules, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page9R_mcid444\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">On April 19, 2022, the Ministry of Corporate Affairs has notified Nidhi (Amendment) Rules, 2022<\/span><\/span><span id=\"page9R_mcid445\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\"> to amend the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/43U2aQgy\">Nidhi Rules, 2014<\/a><\/span><\/span>.<\/p>\n<h4 style=\"text-align: justify;\">Key points:<\/h4>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page11R_mcid1\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In rule 3A dealing with declaration of Nidhis, the following provisos shall be inserted: <\/span><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page11R_mcid5\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">&#8220;Provided also that no company, which has not complied with the requirements of t<\/span><\/span><span id=\"page11R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">his rule, or fails to <\/span><\/span><span id=\"page11R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">comply with such requirement on or after the commencement of the Nidhi (Amendment) Rules, 2022, <\/span><\/span><span id=\"page11R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">or in case the application submitted by the company in Form NDH<\/span><\/span><span id=\"page11R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page11R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">4 is or has been rejected by the <\/span><\/span><span id=\"page11R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Centra<\/span><\/span><span id=\"page11R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">l Government, shall raise any deposit from its members or provide any loan to its members <\/span><\/span><span id=\"page11R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">under the provisions of these rules from the date of such non<\/span><\/span><span id=\"page11R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page11R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">compliance, or from the date of the <\/span><\/span><span id=\"page11R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">commencement of the above said rules, or the date of rejection of th<\/span><\/span><span id=\"page11R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">e application in Form NDH<\/span><\/span><span id=\"page11R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page11R_mcid19\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">4, <\/span><\/span><span id=\"page11R_mcid20\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">whichever is later.<\/span><\/span><span id=\"page11R_mcid21\" class=\"markedContent\"><\/span><span id=\"page11R_mcid22\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page11R_mcid22\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided also that if any deposit raised by a company after the date of non-compliance, or the date of <\/span><span dir=\"ltr\" role=\"presentation\">commencement of the above said rules, or the date of rejection of the application in Form NDH-4, <\/span><span dir=\"ltr\" role=\"presentation\">whichever is later as referred to in the fourth proviso shall be deemed to have been raised in pursuance <\/span><span dir=\"ltr\" role=\"presentation\">of Chapter V of the Act, and shall be subject to all the requirements under that Chapter, or under any <\/span><span dir=\"ltr\" role=\"presentation\">other provisions of the Act or the rules made thereunder, as the case may be.<\/span><\/span><span id=\"page11R_mcid23\" class=\"markedContent\"><\/span><span id=\"page11R_mcid24\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page11R_mcid24\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided also that nothing in this rule shall apply to companies incorporated as Nidhi on or after the <\/span><\/span><span id=\"page11R_mcid25\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">commencement of the above said rules.\u201d<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span id=\"page11R_mcid28\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Rule 3B dealing with public company desirous to be declared as a Nidhi has been inserted:<\/span><\/span><span id=\"page11R_mcid29\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page11R_mcid30\" class=\"markedContent\"><\/span><span id=\"page11R_mcid31\" class=\"markedContent\"><\/span><span id=\"page11R_mcid32\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page11R_mcid33\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(1) On and after commencement of Nidhi (Amendment) Rules, 2022, public<\/span> <span dir=\"ltr\" role=\"presentation\">company <\/span><\/span><span id=\"page11R_mcid34\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">desirous to be declared as a Nidhi shall apply, in Form NDH<\/span><\/span><span id=\"page11R_mcid35\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page11R_mcid36\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">4, within a period of one hundred <\/span><\/span><span id=\"page11R_mcid37\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">twenty days of its incorporation for declaration as Nidhi, if it\u00a0<\/span><\/span><span id=\"page11R_mcid45\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">has not less than two hundred members and<\/span><\/span><span id=\"page11R_mcid46\" class=\"markedContent\"><\/span><span id=\"page11R_mcid47\" class=\"markedContent\"><\/span> <span id=\"page11R_mcid50\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">has Net Owned Funds of twenty lakh<\/span> <span dir=\"ltr\" role=\"presentation\">rupees or more.<\/span><\/span><span id=\"page11R_mcid51\" class=\"markedContent\"><\/span><span id=\"page11R_mcid52\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page11R_mcid52\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(2) The company shall also attach, alongwith Form NDH-4, the declaration<\/span> <span dir=\"ltr\" role=\"presentation\">with regard to <\/span><span dir=\"ltr\" role=\"presentation\">fulfilment of fit and proper person criteria, as per this sub-rule, by all the promoters and <\/span><span dir=\"ltr\" role=\"presentation\">directors of the company.<\/span><\/span><span id=\"page11R_mcid53\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page11R_mcid53\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(3) For the purpose of determining as to whether any promoter or director is a &#8216;fit and proper <\/span><span dir=\"ltr\" role=\"presentation\">person&#8217;, the <span id=\"page11R_mcid54\" class=\"markedContent\">integrity, honesty, ethical behaviour, reputation, fairness and character of the person; and <\/span><span id=\"page11R_mcid55\" class=\"markedContent\">the person not incurring any of the disqualifications<\/span> shall be taken into account<\/span><\/span><span id=\"page11R_mcid54\" class=\"markedContent\">.<br role=\"presentation\" \/><\/span><span id=\"page11R_mcid56\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page13R_mcid0\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(4) The Central Government, shall examine the application filed in Form NDH-4 and convey its <\/span><span dir=\"ltr\" role=\"presentation\">decision within a period of forty five days to the company: <\/span><\/span><span id=\"page13R_mcid1\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided that in case a decision on an application filed in form NDH-4 is not taken by the <\/span><span dir=\"ltr\" role=\"presentation\">Central Government within the aforesaid period of receipt of such application, the same shall be <\/span><span dir=\"ltr\" role=\"presentation\">deemed as approved.<\/span><\/span><span id=\"page13R_mcid2\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page13R_mcid2\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(5) On being satisfied that the company meets the requirements under sub- rules (2) and (3), the <\/span><span dir=\"ltr\" role=\"presentation\">Central Government, shall notify in the Official<\/span> <span dir=\"ltr\" role=\"presentation\">Gazette, declaring it as a Nidhi or Mutual <\/span><span dir=\"ltr\" role=\"presentation\">Benefit Society, as the case may be: <\/span><\/span><span id=\"page13R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided that the decision of the Central Government approving the application, shall <\/span><span dir=\"ltr\" role=\"presentation\">be filed by the company with the Registrar alongwith Form 20A required under section 10A of <\/span><span dir=\"ltr\" role=\"presentation\">the Act:<\/span><\/span><span id=\"page13R_mcid4\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page13R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided further that such company shall commence its business only once<\/span> <span dir=\"ltr\" role=\"presentation\">the <\/span><span dir=\"ltr\" role=\"presentation\">decision of the Central Government approving its application is obtained from the Central <\/span><span dir=\"ltr\" role=\"presentation\">Government pursuant to the declaration given under rule 12 of the Companies (Incorporation) <\/span><span dir=\"ltr\" role=\"presentation\">Rules, 2014.<\/span><\/span><span id=\"page13R_mcid5\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page13R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">(6) In case a company does not comply with the requirements of sub- rule (1) of this rule, it shall <\/span><span dir=\"ltr\" role=\"presentation\">not be allowed to file Form No. SH-7 (Notice to Registrar of any alteration of share capital) and <\/span><span dir=\"ltr\" role=\"presentation\">Form PAS-3 (Return of allotment).<\/span><\/span><span id=\"page13R_mcid6\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page13R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u00a0<\/span><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page13R_mcid14\" class=\"markedContent\">Rule 4 has been modified to increase the minimum paid up equity share capital from five lakh rupees to ten lakh rupees. The amendment also inserts a proviso:<\/span><span id=\"page13R_mcid21\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201cProvided that ever<\/span><\/span><span id=\"page13R_mcid22\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">y Nidhi existing as on the date of commencement of the Nidhi Amendment <\/span><\/span><span id=\"page13R_mcid23\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Rules,2022, shall comply with this requirement within a period of eighteen months from the date of <\/span><\/span><span id=\"page13R_mcid24\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">such commencement\u201d.<\/span><\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page13R_mcid45\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In rule 8 relating to Membership, <\/span><\/span><span id=\"page13R_mcid48\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the following sub<\/span><\/span><span id=\"page13R_mcid49\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page13R_mcid50\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">rule shall be<\/span> <span dir=\"ltr\" role=\"presentation\">inserted:<\/span><\/span><span id=\"page13R_mcid53\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201c(4) A member shall not transfer more than fifty percent of his shareholding (as on the date of <\/span><span dir=\"ltr\" role=\"presentation\">availing of loan or making of deposit) during the<\/span> <span dir=\"ltr\" role=\"presentation\">subsistence of such loan or deposit, as the case <\/span><span dir=\"ltr\" role=\"presentation\">may be.<\/span><\/span><span id=\"page13R_mcid54\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page13R_mcid54\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Provided that the member shall retain the minimum number of shares required under sub- <\/span><span dir=\"ltr\" role=\"presentation\">rule (3) of rule 7 at all times\u201d.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: justify;\"><span id=\"page17R_mcid1\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In rule 23A relating to Compliance with Rule 3-A by certain Nidhis, after the first proviso, the following provisos shall be inserted:<\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><span id=\"page17R_mcid2\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201cProvided further that no company which has not complied with the requirements of this rule, or fails <\/span><span dir=\"ltr\" role=\"presentation\">to comply with such requirement on or after the date of commencement of the Nidhi (Amendment) <\/span><span dir=\"ltr\" role=\"presentation\">Rules,2022, or in case the application submitted by the company in Form NDH-4 is or has been <\/span><span dir=\"ltr\" role=\"presentation\">rejected by the Central Government, shall raise any deposit from its members or provide any loan to its <\/span><span dir=\"ltr\" role=\"presentation\">members under the provisions of these rules from the date of such non-compliance, or the date of <\/span><span dir=\"ltr\" role=\"presentation\">commencement of the said rules, or the date of rejection of the application in Form NDH-4, whichever <\/span><span dir=\"ltr\" role=\"presentation\">is later.<\/span><\/span><span id=\"page17R_mcid3\" class=\"markedContent\"><\/span><\/p>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page17R_mcid3\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">Provided also that any deposit raised by a company after the date of non-compliance, or the date of <\/span><span dir=\"ltr\" role=\"presentation\">commencement of the above said rules, or the date of rejection of the application in Form NDH-4, <\/span><span dir=\"ltr\" role=\"presentation\">whichever is later, as referred to in the second proviso shall be deemed to have been raised in <\/span><span dir=\"ltr\" role=\"presentation\">pursuance of Chapter V of the Act, and shall be subject to all the requirements under that Chapter, or <\/span><span dir=\"ltr\" role=\"presentation\">under any other provisions of the Act or the rules made thereunder, as the case may be.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On April 19, 2022, the Ministry of Corporate Affairs has notified Nidhi (Amendment) Rules, 2022 to amend the Nidhi Rules, 2014. Key <\/p>\n","protected":false},"author":8808,"featured_media":265147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-265652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Minimum paid up equity share capital increased from five lakh to ten lakh rupees vide Nidhi (Amendment) Rules, 2022 | 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\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/20\/minimum-paid-up-equity-share-capital-increased-from-five-lakh-to-ten-lakh-rupees-vide-nidhi-amendment-rules-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minimum paid up equity share capital increased from five lakh to ten lakh rupees vide Nidhi (Amendment) Rules, 2022\" \/>\n<meta property=\"og:description\" content=\"On April 19, 2022, the Ministry of Corporate Affairs has notified Nidhi (Amendment) Rules, 2022 to amend the Nidhi Rules, 2014. 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