Formation of a Nidhi Company is very different from registering a Private Limited Company, LLP or any other form of Company. It needs to be ensured that each Nidhi Company should fulfill the below-written requirements;
Once a Nidhi is formed, 90 days after the first financial year a Nidhi Company is required to file a return of Statutory Compliances, which is filing Form NDH-1 and the prescribed fee is to be given along with it. This is to be done with the Registrar rightfully certified by a Company Secretary(CS) or a Chartered Accountant(CA) or a professional Cost Accountant in practice.
If a Nidhi doesn't have minimum two hundred members and the expected net ratio of Net Owned Funds to deposits is not met then, within 30 days from the closing of the first financial year a Nidhi Company needs to apply to a Regional Director in Form NDH-2. The prescribed fee is required to be submitted along with the form which would state a plea for extension of time. The Regional Director if convinced will pass on the application within thirty days after receiving the application. In case a Nidhi Company is unable to meet the eligibility as mentioned above after the first financial year, then the Nidhi Company shouldn't accept any further deposits from the commencement of the second financial year. The company can also be liable to a certain penalty as mentioned in the Act. It can only be possible if a Nidhi Company fulfils the conditions to contain the provisions and rights of the same.