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In exercise of the powers conferred under
sub-section (1) of section 406 read with sub-sections (1) and (2) of 469 of the
Companies Act,2013, the Central Government hereby makes the following rules,
namely:-
1. Short title and commencement - (1) These Rules may be called
Nidhi Rules, 2014.
(2) They shall come into force on the date of their
publication in the Official Gazette.
2. Application - These rules shall apply to,-
(a) every company which had been declared as a
Nidhi or Mutual Benefit Society under sub-section (1) of section 620A of the
Companies Act, 1956;
(b) every company functioning on the lines of a
Nidhi company or Mutual Benefit Society but has either not applied for or has
applied for and is awaiting notification to be a Nidhi or Mutual Benefit
Society under sub-section (1) of section 620A of the Companies Act, 1956; and
(c) every company incorporated as a Nidhi pursuant
to the provisions of section 406 of the Act.
3. Definitions - (1) In these rules, unless the context otherwise requires,-
(a) “Act” means the Companies Act, 2013 (18 of
2013);
(b) “Doubtful Asset” means a borrowal account which
has remained a nonperforming asset for more than two years but less than three
years;
(c) “Loss Asset” means a borrowal account which has
remained a nonperforming asset for more than three years or where in the
opinion of the Board, a shortfall in the recovery of the loan account is
expected because the documents executed may become invalid if subjected to
legal process or for any other reason;
(d) “Net Owned Funds” means the aggregate of paid
up equity share capital and free reserves as reduced by accumulated losses and
intangible assets appearing in the last audited balance sheet:
Provided that the amount representing the proceeds
of issue of preference shares shall not be included for calculating Net Owned
Funds.
(e) “Non-Performing Asset” means a borrowal account
in respect of which interest income or instalment of loan towards repayment of principal
amount has remained unrealised for twelve months;
(f) “Standard Asset” means the asset in respect of
which no default in repayment of principal or payment of interest has occurred
or is perceived and which has neither shown signs of any problem relating to
repayment of principal sum or interest nor does it carry more than normal risk
attached to the business;
(g) “Sub-Standard Asset” means a borrowal account
which is a non performing asset:
Provided that reschedulement or renegotiation or
rephasement of the loan instalment or interest payment shall not change the
classification of an asset unless the borrowal account has satisfactorily
performed for at least twelve months after such reschedulement or renegotiation
or rephasement.
(2) Words and expressions used herein, but not
defined in these rules and defined in the Act or in the Companies
(Specification of definitions details) Rules, 2014 shall have the same meaning
as assigned to them in the Act or in the said Rules.
4. Incorporation and incidental matters - (1) A Nidhi to be incorporated
under the Act shall be a public company and shall have a minimum paid up equity
share capital of five lakh rupees.
(2) On and after the commencement of the Act, no
Nidhi shall issue preference shares.
(3) If preference shares had been issued by a Nidhi
before the commencement of this Act, such preference shares shall be redeemed
in accordance with the terms of issue of such shares.
(4) Except as provided under the proviso to
sub-rule (e) to rule 6, no Nidhi shall have any object in its Memorandum of
Association other than 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.
(5) Every Company incorporated as a “Nidhi” shall
have the last words ‘Nidhi Limited’ as part of its name.
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5. Requirements for minimum number of members, net
owned fund etc - (1) Every
Nidhi shall, within a period of one year from the commencement of these rules,
ensure that it has-
(a) not less than two hundred members;
(b) Net Owned Funds of ten lakh rupees or more;
(c) unencumbered term deposits of not less than ten
per cent of the outstanding deposits as specified in rule 14; and
(d) ratio of Net Owned Funds to deposits of not
more than 1:20.
(2) Within ninety days from the close of the first
financial year after its incorporation and where applicable, the second
financial year, Nidhi shall file a return of statutory compliances in Form
NDH-1 along with such fee as provided in Companies (Registration Offices
and Fees) Rules, 2014 with the Registrar duly certified by a company secretary
in practice or a chartered accountant in practice or a cost accountant in
practice.
(3) If a Nidhi is not complying with clauses (a) or
(d) of sub-rule (1) above, it shall within thirty days from the close of the
first financial year, apply to the Regional Director in Form NDH-2 along
with fee specified in Companies(Registration Offices and Fees) Rules, 2014 for
extension of time and the Regional Director may consider the application and
pass orders within thirty days of receipt of the application.
Explanation.- For the purpose of this rule “Regional Director”
means the person appointed by the Central Government in the Ministry of
Corporate Affairs as a Regional Director;
(4) If the failure to comply with sub-rule (1) of
this rule extends beyond the second financial year, Nidhi shall not accept any
further deposits from the commencement of the second financial year till it
complies with the provisions contained in sub-rule (1), besides being liable
for penal consequences as provided in the Act.
6. General restrictions or prohibitions - No Nidhi shall-
(a) carry on the business of chit fund, hire
purchase finance, leasing finance, insurance or acquisition of securities
issued by any body corporate;
(b) issue preference shares, debentures or any
other debt instrument by any name or in any form whatsoever;
(c) open any current account with its members;
(d) acquire another company by purchase of
securities or control the composition of the Board of Directors of any other
company in any manner whatsoever or enter into any arrangement for the change
of its management, unless it has passed a special resolution in its general
meeting and also obtained the previous approval of the Regional Director having
jurisdiction over such Nidhi;
Explanation - For the purposes of this sub-rule, “control” shall
have the same meaning assigned to it in clause (27) of section 2 of the Act;
(e) carry on any business other than the business
of borrowing or lending in its own name:
Provided that Nidhis which have adhered to all the
provisions of these rules may provide locker facilities on rent to its members
subject to the rental income from such facilities not exceeding twenty per
cent. of the gross income of the Nidhi at any point of time during a financial
year.
(f) accept deposits from or lend to any person,
other than its members;
(g) pledge any of the assets lodged by its members
as security;
(h) take deposits from or lend money to any body
corporate;
(i) enter into any partnership arrangement in its
borrowing or lending activities;
(j) issue or cause to be issued any advertisement
in any form for soliciting deposit:
Provided that private circulation of the details of
fixed deposit schemes among the members of the Nidhi carrying the words “for
private circulation to members only” shall not be considered to be an
advertisement for soliciting deposits.
(k) pay any brokerage or incentive for mobilising
deposits from members or for deployment of funds or for granting loans.
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7. Share capital and allotment -
(1) Every Nidhi shall issue
equity shares of the nominal value of not less than ten rupees each:
Provided that this requirement shall not apply to a
company referred toin sub-rules (a) and (b) of rule 2.
(2) No service charge shall be levied for issue of
shares.
(3) Every Nidhi shall allot to each deposit holder
at least a minimum of ten equity shares or shares equivalent to one hundred
rupees:
Provided that a savings account holder and a
recurring deposit account holder shall hold at least one equity share of rupees
ten.
8. Membership -
(1) A Nidhi shall not admit a body corporate or
trust as a member.
(2) Except as otherwise permitted under these
rules, every Nidhi shall ensure that its membership is not reduced to less than
two hundred members at any time.
(3) A minor shall not be admitted as a member of
Nidhi: Provided that deposits may be accepted in the name of a minor, if they
are made by the natural or legal guardian who is a member of Nidhi.
9. Net owned funds - Every Nidhi shall maintain Net
Owned Funds (excluding the proceeds of any preference share capital) of not less
than ten lakh rupees or such higher amount as the Central Government may
specify from time to time.
10. Branches -
(1) A Nidhi may open branches, only if it has earned
net profits after tax continuously during the preceding three financial years.
(2) Subject to the provisions contained in sub-rule
(1), a Nidhi may open upto three branches within the district.
(3) If a Nidhi proposes to open more than three
branches within the district or any branch outside the district, it shall
obtain the prior permission of the Regional Director and an intimation is to be
given to the Registrar about opening of every branch within thirty days of such
opening.
(4) No Nidhi shall open branches or collection
centres or offices or deposit centres, or by whatever name called outside the
State where its registered office is situated.
(5) No Nidhi shall open branches or collection
centres or offices or deposit centres, or by whatever name called unless
financial statement and annual return (up to date) are filed with the
Registrar.
(6) A Nidhi shall not close any branch unless it-
(a) publishes an advertisement in a newspaper in
vernacular language in the place where it carries on business at least thirty
days prior to such closure, informing the public about such closure;
(b) fixes a copy of such advertisement or a notice
informing such closure of the branch on the notice board of Nidhi for a period
of at least thirty days from the date on which advertisement was published
under clause (a) ; and
(c) gives an intimation to the Registrar within
thirty days of such closure.
11. Acceptance of deposits by Nidhis
(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 2and 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
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12. Application form for deposit - (1) Every application form for
placing a deposit with a Nidhi shall contain the following particulars, namely:-
(a) Name of Nidhi;
(b) Date of incorporation of Nidhi;
(c) The business carried on by Nidhi with details
of branches, if any;
(d) Brief particulars of the management of Nidhi
(name, addresses and occupation of the directors, including DIN);
(e) Net profits of Nidhi before and after making
provision for tax for the preceding three financial years;
(f) Dividend declared by Nidhi during the preceding
three financial years;
(g) Mode of repayment of the deposit;
(h) Maturity period of the deposit;
(i) Interest payable on the deposit;
(j) The rate of interest payable to the depositor
in case the depositor withdraws the deposit prematurely;
(k) The terms and conditions subject to which the
deposit may be accepted or renewed;
(l) A summary of the financials of the company as
per the latest two audited financial statements as given below:
(i) Net Owned Funds
(ii) Deposits accepted
(iii) Deposits repaid
(iv) Deposits claimed but
remaining unpaid
(v) Loans disbursed against-
(a) immovable property;
(b) deposits; and
(c) gold and jewellery
(vi) Profit before tax
(vii) Provision for tax
(viii) Profit after tax
(ix) Dividend per share
(m) any other special features or terms and conditions subject to which the deposit is accepted or renewed.
(2) The application form shall also contain the
following statements, namely:-
(a) in case of non- payment of the deposit or part
thereof as per the terms and conditions of such deposit, the depositor may
approach the Registrar of companies having jurisdiction over Nidhi;
(b) in case of any deficiency of Nidhi in servicing
its depositors, the depositor may approach the National Consumers Disputes
Redressal Forum, the State Consumers Disputes Redressal Forum or District
Consumers Disputes Redressal Forum, as the case may be, for redressal of his
relief;
(c) a declaration by the Board of Directors to the
effect that the financial position of Nidhi as disclosed and the
representations made in the application form are true and correct and that
Nidhi has complied with all the applicable rules;
(d) a statement to the effect that the Central
Government does not undertake any responsibility for the financial soundness of
Nidhi or for the correctness of any of the statement or the representations
made or opinions expressed by Nidhi;
(e) the deposits accepted by Nidhi are not insured
and the repayment of deposits is not guaranteed by either the Central
Government or the Reserve Bank of India; and
(f) a verification clause by the depositor stating
that he had read and understood the financial and other particulars furnished
and representations made by Nidhi in his application form and after careful
consideration he is making the deposit with Nidhi at his own risk and volition.
(3) Every Nidhi shall obtain proper introduction of
new depositors before opening their accounts or accepting their deposits and
keep on its record the evidence on which it has relied upon for the purpose of
such introduction.
(4) For the purposes of introduction of depositors,
a Nidhi shall obtain documentary evidence of the depositor in the form of proof
of identity and address as under:
(a) Proof of Identity (any one of the following)
(i) Passport
(ii) Unique Identification Number
(iii) Income-tax PAN card
(iv) Elector Photo Identity Card
(v) Driving licence
(vi) Ration card
(b) Proof of address (any one of the following)
(i) Passport
(ii) Unique Identification Number
(iii) Elector Photo Identity Card
(iv) Driving licence
(v) Ration card
(vi) Telephone bill
(vii) Bank account statement
(viii) Electricity bill
(documents referred to serial
numbers (vi), (vii) and (viii) above shall not be more than two months old).
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13. Deposits -
(1) The fixed deposits shall be accepted for a
minimum period of six months and a maximum period of sixty months.
(2) Recurring deposits shall be accepted for a
minimum period of twelvemonths and a maximum period of sixty months.
(3) In case of recurring deposits relating to
mortgage loans, the maximum period of recurring deposits shall correspond to
the repayment period of such loans granted by Nidhi.
(4) The maximum balance in a savings deposit
account at any given time qualifying for interest shall not exceed one lakh
rupees at any point of time and the rate of interest shall not exceed two per
cent. above the rate of interest payable on savings bank account by
nationalised banks.
(5) A Nidhi may offer interest on fixed and
recurring deposits at a rate not exceeding the maximum rate of interest
prescribed by the Reserve Bank ofIndia which the Non-Banking Financial
Companies can pay on their public deposits.
(6) A fixed deposit account or a recurring deposit
account shall be foreclosed by the depositor subject to the following
conditions, namely:-
(a) a Nidhi shall not repay any deposit within a
period of three months from the date of its acceptance;
(b) where at the request of the depositor, a Nidhi
repays any deposit after a period of three months, the depositor shall not be
entitled to any interest up to six months from the date of deposit;
(c) where at the request of the depositor, a Nidhi
makes repayment of a deposit before the expiry of the period for which such
deposit was accepted by Nidhi, the rate of interest payable by Nidhi on such
deposit shall be reduced by two per cent. from the rate which Nidhi would have
ordinarily paid, had the deposit been accepted for the period for which such
deposit had run:
Provided that in the event of death of a depositor,
the deposit may be repaid prematurely to the surviving depositor or depositors
in the case of joint holding with survivor clause, or to the nominee or to
legal heir with interest up to the date of repayment at the rate which the
company would have ordinarily paid, had such deposit been accepted for the
period for which such deposit had run.
14. Un-encumbered term deposits - Every Nidhi shall invest and
continue to keep invested, in unencumbered term deposits with a scheduled
commercial bank (other than a co-operative bank or a regional rural bank),or
post office deposits in its own name an amount which shall not be less than ten
per cent. of the deposits outstanding at the close of business on the last
working day of the second preceding month:
Provided that in cases of unforeseen commitments,
temporary withdrawal may be permitted with the prior approval of the Regional
Director for the purpose of repayment to depositors, subject to such conditions
and time limit which may be specified by the Regional Director to ensure
restoration of the prescribed limit of ten per cent.
15. Loans -
(1) A Nidhi shall provide loans only to its
members.
(2) The loans given by a Nidhi to a member shall be
subject to the following limits, namely:-
(a) two lakh rupees, where the total amount of
deposits of such Nidhi from its members is less than two crore rupees;
(b) seven lakh fifty thousand rupees, where the
total amount of deposits of such Nidhi from its members is more than two crore
rupees but less than twenty crore rupees;
(c) twelve lakh rupees, where the total amount of
deposits of such Nidhi from its members is more than twenty crore rupees but
less than fifty crore rupees; and
(d) fifteen lakh rupees, where the total amount of
deposits of such Nidhi from its members is more than fifty crore rupees:
Provided that where a Nidhi has not made profits
continuously in the three preceding financial years, it shall not make any
fresh loans exceeding fifty per cent. of the maximum amounts of loans specified
in clauses (a), (b), (c) or (d).
Provided further that a member shall not be
eligible for any further loan if he has borrowed any earlier loan from the
Nidhi and has defaulted in repayment of such loan.
(3) For the purposes of sub-rule (2), the amount of
deposits shall be calculated on the basis of the last audited annual financial
statements.
(4) A Nidhi shall give loans to its members only
against the following securities, namely:-
(a) gold, silver and jewellery:
Provided that the repayment period of such loan
shall not exceed one year.
(b) immovable property:
Provided that the total loans against immovable
property [excluding mortgage loans granted on the security of property by
registered mortgage, being a registered mortgage under section 69 of the
Transfer of Property Act, 1882 (IV of 1882)] shall not exceed fifty per cent.
of the overall loan outstanding on the date of approval by the board, the
individual loan shall not exceed fifty per cent. of the value of property
offered as security and the period of repayment of such loan shall not exceed
seven years.
(c) fixed deposit receipts, National Savings
Certificates, other Government Securities and insurance policies:
Provided that such securities duly discharged shall
be pledged with Nidhi and the maturity date of such securities shall not fall
beyond the loan period or one year whichever is earlier:
Provided further that in the case of loan against
fixed deposits, the period of loan shall not exceed the unexpired period of the
fixed deposits.
16. Rate of interest - The rate of interest to be
charged on any loan given by a Nidhi shall not exceed seven and half per cent.
above the highest rate of interest offered on deposits by Nidhi and shall be
calculated on reducing balance method:
Provided that Nidhi shall charge the same rate of
interest on the borrowers in respect of the same class of loans and the rates
of interest of all classes of loans shall be prominently displayed on the
notice board at the registered office and each branch office of Nidhi.
17. Rules relating to Directors
(1) The Director shall be a
member of Nidhi.
(2) The Director of a Nidhi shall hold office for a
term up to ten consecutive years on the Board of Nidhi.
(3) The Director shall be eligible for
re-appointment only after the expiration of two years of ceasing to be a
Director.
(4) Where the tenure of any Director in any case
had already been extended by the Central Government, it shall terminate on
expiry of such extended tenure.
(5) The person to be appointed as a Director shall
comply with the requirements of sub-section (4) of section 152 of the Act and
shall not have been disqualified from appointment as provided in section 164 of
the Act.
18. Dividend.- A Nidhi shall not declare dividend exceeding
twenty five per cent. or such higher amount as may be specifically approved by
the Regional Director for reasons to be recorded in writing and further subject
to the following conditions, namely:-
(a) an equal amount is transferred to General
Reserve;
(b) there has been no default in repayment of
matured deposits and interest; and
(c) it has complied with all the rules as
applicable to Nidhis.
19. Auditor:-
(1) No Nidhi shall appoint or re-appoint an
individual as auditor for more than one term of five consecutive years.
(2) No Nidhi shall appoint or re-appoint an audit
firm as auditor for more than two terms of five consecutive years;
Provided that an auditor (whether an individual or
an audit firm) shall be eligible for subsequent appointment after the
expiration of two years from the completion of his or its term.
Explanation: For the purposes of this provison:
(i) in case of an auditor (whether an individual or
audit firm), the period for which he or it has been holding office as auditor
prior to the commencement of these rules shall be taken into account in
calculating the period of five consecutive years or ten consecutive years, as
the case may be;
(ii) appointment includes re-appointment.
20. Prudential norms -
(1) Every Nidhi shall adhere to
the prudential norms for revenue recognition and classification of assets in
respect of mortgage loans or jewel loans as contained hereunder.
(2) Income including interest or any other charges
on non-performing assets shall be recognised only when it is actually realised
and any such income recognised before the asset became non-performing and which
remains unrealised in a year shall be reversed in the profit and loss account
of the immediately succeeding year.
(3) (a) In respect of mortgage loans, the
classification of assets and the provisioning required shall be as under:
NATURE
OF ASSET
|
PROVISION
REQUIRED
|
Standard
Asset
|
No
provision
|
Sub-standard
Asset
|
10% of
the aggregate outstanding amount
|
Doubtful
Asset
|
25% of
the aggregate outstanding amount
|
Loss
Asset
|
100% of
the aggregate outstanding amount
|
Provided that a Nidhi may make provision for
exceeding the percentage specific herein.
(b) The estimated realisable value of the
collateral security to which a Nidhi has valid recourse may be reduced from the
aggregate outstanding amount,if the proceedings for the sale of the mortgaged
property have been initiated in a court of law within the previous two years of
the interest, income or instalment remaining unrealised.
(4) In case of companies which were incorporated on
or before 26-07-2001, such companies shall make provisions in respect of loans
disbursed and outstanding as on 31-03-2002 for income reversal and
non-performing assets as per table given below:
For the year ended
|
Extent of provision
|
31-03- 2015
|
Un-provided balance on equal
basis over the three
|
31-03- 2016
|
31-03- 2017
|
years as specified in the
preceding column.
|
(5) (a) The Notes on the financial statements of a
year shall disclose-
(i) the total amount of provisions, if any, to be
made on account of income reversal and non-performing assets remaining
unrealised;
(ii) the cumulative amount provided till the previous
year;
(iii) the amount provided in the current year; and
(iv) the balance amount to be provided.
(b) Such disclosure shall continue to be made until
the entire amount to be provided has been provided for.
(6) In respect of loans against gold or jewellery-
(a) the aggregate amount of loan outstanding
against the security of gold or jewellery shall either be recovered or renewed
within three months from the due date of repayment;
(b) if the loan is not recovered or renewed and the
security is not sold within the aforesaid period of three months, the company
shall make provision in the current year’s financial statements to the extent
of unrealised amount or the aggregate outstanding amount of loan including interest
as applicable;
(c) no income shall be recognised on such loans
outstanding after the expiry of the three months period specified in (a) above
or sale of gold or jewellery, whichever is earlier; and
(d) the loan to value ratio shall not exceed 80 percent.
Explanation.- For the purposes of this rule, the
term ‘loan to value ratio’ means the ratio between the amount of loan given and
the value of gold or jewellery against which such loan is given.
21. Filing of half yearly return.- Every company covered under rule
2shall file half yearly return with the Registrar in Form NDH-3 along
with such fee as provided in Companies (Registration Offices and Fees)
Rules,2014 within thirty days from the conclusion of each half year duly
certified by a company secretary in practice or chartered accountant in
practice or cost accountant in practice.
22. Auditor’s certificate.- The Auditor of the company shall
furnish a certificate every year to the effect that the company has complied
with all the provisions contained in the rules and such certificate shall be
annexed to the audit report and in case of non-compliance, he shall
specifically state the rules which have not been complied with.
23. Power to enforce compliance -
(1) For the purposes of
enforcing compliance with these rules, the Registrar of companies may call for
such information or returns from Nidhi as he deems necessary and may engage the
services of chartered accountants, company secretaries in practice, cost
accountants, or any firm thereof from time to time for assisting him in the
discharge of his duties.
(2) In respect of any Nidhi which has violated
these rules or has failed to function in terms of the Memorandum and Articles
of Association, the concerned Regional Director may appoint a Special Officer to
take over the management of Nidhi and such Special Officer shall function as
per the guidelines given by such Regional Director:
Provided that an opportunity of being heard shall
be given to the concerned Nidhi by the Regional Director before appointing any
Special Officer.
24. Penalty for non-compliance - If a company falling under rule
2 contravenes any of the provisions of the rules prescribed herein, the company
and every officer of the company who is in default shall be punishable with
fine which may extend to five thousand rupees, and where the contravention is a
continuing one, with a further fine which may extend to five hundred rupees for
every day after the first during which the contravention continues.
Ozg Nidhi / Mutual Benefit Co. Experts
Ahmedabad | Pune | Kolkata | Bangalore | Delhi | Mumbai
VoIP Text / Phone # 09811415831-37-61-72-84-92-94
Email: ask@mutualbenefit.co.in
