Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The article explains the closure of Nidhi Company. Like every other Company, the Nidhi Company can be wound up by its members. Nidhi Company is characterized as an entity where the members come together and pool their funds. They do the business of lending and borrowing of deposits with other members. A Nidhi Company is a part of the Non-Banking Financial Institution (NBFC) and is registered under section 406 the Companies Act, 2013.
A Nidhi company has the objective to cultivate the habit of savings amongst its members, or receiving deposits and lending to its members only for mutual benefits.
Nidhi Company’s closure means the dissolving the Company registered under the Companies Act, 2013[1]. The closure of Nidhi Company is mentioned under section 248(2) of the Act. This section read along with the Company (removal of companies’ names from the companies’ registrar) Rules, 2016 speaks about closure of Nidhi Company.
The Nidhi Company can be dissolved because of several reasons:
The procedure for the closure of Nidhi Company is as follows:
The requisite documents for the closure of Nidhi companies are as follows:
The following are the advantages on Closure of Nidhi Company:
There are various methods of the closure of Nidhi Company as:
It can be concluded that the Closure of Nidhi Company has to be performed legally as per the Companies Act, 2013. The closure is essential to break the legal ties if there has been a non- continuance of business performance. The closure has legal compliances which have to be submitted to ROC. The Nidhi company registration and closure or winding has to be in accordance with the Companies Act.
Read our article:An Overview on Rules Regarding Nidhi Company
Non-banking finance companies (NBFCs) play a very important role in the Indian financial system...
Sweden is a country in Europe and has been a member of the European Union (EU) since 1995. The...
Gold loans are among the most popular loan types, particularly in rural India. Millions of peop...
The Reserve Bank of India (RBI) has recently issued new guidelines aimed at reducing unfair cha...
Corporate tax plays an important role in selecting the ideal location for setting up a business...
Are you human?: 7 + 6 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Nidhi companies are established for initiating and promoting the practice of savings amongst its members. Therefore...
15 Jan, 2021
Nidhi companies accept deposit as well as lend loans only to its member for their mutual benefit. Nidhi Company fal...
06 Sep, 2022