Annual Complaince Of Nidhi Company (FRESH START SCHEME, 2020)

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ANNUAL FILING OF NIDHI COMPANY (FRESH START SCHEME, 2020)

MCA has introduced Company Fresh Start Scheme, 2020 Program. Great opportunity for Non complaint Companies to Complete annual filing without paying any Penalty. As per latest notification issued by Ministry of corporate affairs (MCA) all the defaulting companies can now file the pending e-forms without paying any penalty for delay. The e-forms can be filed on MCA portal with paying only normal fee applicable. This is a one time opportunity given to defaulting companies for fresh start and comply with the mandatory compliance. The Scheme shall remain in force till 30.09.2020. The companies through this scheme will be able to file any belated e-form without paying any penalty. Also, this scheme provides immunity for initiation of prosecution for levying penalty. As per this scheme no additional fee or late fee will be levied on e-forms filed to ROC viz Form AOC-4, AOC-4 XBRL, AOC-4 CFS, Form MGT-7, Form MGT-14, ADT-1, Form DPT-3, Form DIR-12, Form 20A, INC 22.

All companies registered in India like nidhi company, private limited company, one person company, limited company, and section 8 company must file MCA annual return and income tax return each year. Before filing annual return, the company must conduct an Annual General Meeting at the end of each financial year. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company's annual return would be due on or before September 30th.

Every Nidhi company has to submit its annual returns to MCA and another regulatory department by 30th September of the following financial year.

Pricing

Rs.19999

Govt Fees and Taxes would be charged on actual basis. Its not included in the above Fees.

Basic

  • Commencement of Business (within 180 days since incorporation or before starting of Business_ whichever is earlier), Form 20A
  • First Auditor (CA) appointment (within 30 Days of incorporation), Form ADT-1
  • Directors KYC (within 30 days of closing of financial year), Form DIR-3_KYC
  • Company KYC, Form INC-22A (ACTIVE)
  • Preparation of Director’s Report
  • Preparation of MGT-9
  • Preparation of Notice of Annual General Meeting
  • Preparation of Auditor Consent Letter
  • Preparation of Auditor Appointment Resolution
  • Preparation of Auditor Appointment Letter
  • Preparation of List of members
  • Preparation of List of directors
  • ROC Filing of Form ADT-1 (Reappointment of Auditor)
  • ROC Filing of Form MGT-7 (Annual Return)
  • ROC Filing of Form AOC-4 (Filing of Financial Statements)
  • ROC Filing of Form NDH-1 (Within ninety days from the close of the first financial year)
  • ROC Filing of Form NDH-3 (Half yearly return)
  • ROC Filing of Form NDH-4 (within sixty days from the date of expiry of one year from the date of its incorporation)
  • ROC Filing of Form SH-7 (To increase the authorized share capital of the company)
  • ROC Filing of Form PAS-3 (To increase the paid up share capital and members of the company) Maximum 2 Forms
  • ROC Filing of CFSS Form
  • Immunity Certificate
  • Accounting and Auditing
  • Income Tax Return
  • TDS Return (If applicable)
  • CA Signed audit report
  • CA Signed Balance Sheet
  • CA Signed Profit & Loss
  • Auditor Certificate
  • Preparation Share Certificate
  • Preparation Statutory Registers
  • Preparation Minutes of Four Board Meeting
  • Preparation Minutes of Annual General Meeting
  • Preparation of MBP-1
  • Preparation of DIR-8
Order Now
Rs.34999

Govt Fees and Taxes would be charged on actual basis. Its not included in the above Fees.

Standard

  • Commencement of Business (within 180 days since incorporation or before starting of Business_ whichever is earlier), Form 20A
  • First Auditor (CA) appointment (within 30 Days of incorporation), Form ADT-1
  • Directors KYC (within 30 days of closing of financial year), Form DIR-3_KYC
  • Company KYC, Form INC-22A (ACTIVE)
  • Preparation of Director’s Report
  • Preparation of MGT-9
  • Preparation of Notice of Annual General Meeting
  • Preparation of Auditor Consent Letter
  • Preparation of Auditor Appointment Resolution
  • Preparation of Auditor Appointment Letter
  • Preparation of List of members
  • Preparation of List of directors
  • ROC Filing of Form ADT-1 (Reappointment of Auditor)
  • ROC Filing of Form MGT-7 (Annual Return)
  • ROC Filing of Form AOC-4 (Filing of Financial Statements)
  • ROC Filing of Form NDH-1 (Within ninety days from the close of the first financial year)
  • ROC Filing of Form NDH-3 (Half yearly return)
  • ROC Filing of Form NDH-4 (within sixty days from the date of expiry of one year from the date of its incorporation)
  • ROC Filing of Form SH-7 (To increase the authorized share capital of the company)
  • ROC Filing of Form PAS-3 (To increase the paid up share capital and members of the company) Maximum 2 Forms
  • ROC Filing of CFSS Form
  • Immunity Certificate
  • Accounting and Auditing
  • Income Tax Return
  • TDS Return (If applicable)
  • CA Signed audit report
  • CA Signed Balance Sheet
  • CA Signed Profit & Loss
  • Auditor Certificate
  • Preparation Share Certificate
  • Preparation Statutory Registers
  • Preparation Minutes of Four Board Meeting
  • Preparation Minutes of Annual General Meeting
  • Preparation of MBP-1
  • Preparation of DIR-8
Order Now
Rs.49999

Govt Fees and Taxes would be charged on actual basis. Its not included in the above Fees.

Premium

  • Commencement of Business (within 180 days since incorporation or before starting of Business_ whichever is earlier), Form 20A
  • First Auditor (CA) appointment (within 30 Days of incorporation), Form ADT-1
  • Directors KYC (within 30 days of closing of financial year), Form DIR-3_KYC
  • Company KYC, Form INC-22A (ACTIVE)
  • Preparation of Director’s Report
  • Preparation of MGT-9
  • Preparation of Notice of Annual General Meeting
  • Preparation of Auditor Consent Letter
  • Preparation of Auditor Appointment Resolution
  • Preparation of Auditor Appointment Letter
  • Preparation of List of members
  • Preparation of List of directors
  • ROC Filing of Form ADT-1 (Reappointment of Auditor)
  • ROC Filing of Form MGT-7 (Annual Return)
  • ROC Filing of Form AOC-4 (Filing of Financial Statements)
  • ROC Filing of Form NDH-1 (Within ninety days from the close of the first financial year)
  • ROC Filing of Form NDH-3 (Half yearly return)
  • ROC Filing of Form NDH-4 (within sixty days from the date of expiry of one year from the date of its incorporation)
  • ROC Filing of Form SH-7 (To increase the authorized share capital of the company)
  • ROC Filing of Form PAS-3 (To increase the paid up share capital and members of the company) Maximum 2 Forms
  • ROC Filing of CFSS Form
  • Immunity Certificate
  • Accounting and Auditing
  • Income Tax Return
  • TDS Return (If applicable)
  • CA Signed audit report
  • CA Signed Balance Sheet
  • CA Signed Profit & Loss
  • Auditor Certificate
  • Preparation Share Certificate
  • Preparation Statutory Registers
  • Preparation Minutes of Four Board Meeting
  • Preparation Minutes of Annual General Meeting
  • Preparation of MBP-1
  • Preparation of DIR-8
Order Now

About Annual Return

Nidhi company must file MCA annual return and income tax return each year. Before filing annual return, the company must conduct an Annual General Meeting at the end of each financial year. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company's annual return would be due on or before September 30th.

n addition to MCA annual return, companies must also file income tax return irrespective of income, profit or loss.

Documents Required

Certificate of Corporation

MOA and AOA of the Company

PAN Card of the Company

CA Signed Balance Sheet and Profit & Loss Account (If prepared)

CA Signed Audit Report and Notes to Accounts (If prepared)

Accounting Data

Bank Statement

Digital Signature Certificate of any one Director

Nidhi Rules

Registration

  • 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 and having minimum three directors and seven members.
  • No nidhi shall issue preference shares.
  • 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.
  • Every Company incorporated as a “Nidhi” shall have the last words ‘Nidhi Limited’ as part of its name.

Requirements within one year of Registration

  • Two hundred members.
  • Net Owned Funds of ten lakh rupees or more.
  • Unencumbered term deposits of not less than ten per cent of the outstanding deposits.
  • Ratio of Net Owned Funds to deposits of not more than 1:20.

    • 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.

    If the failure to comply with this rules, Nidhi shall not accept any further deposits from the commencement of the second financial year till it complies with the provisions contained in this rule, besides being liable for penal consequences as provided in the Act.

General restrictions or prohibitions

  • No Nidhi shall carry on the business of chit fund, hire purchase finance, leasing finance, insurance or acquisition of securities issued by any body corporate.
  • No Nidhi shall issue preference shares, debentures or any other debt instrument by any name or in any form whatsoever.
  • No Nidhi shall open any current account with its members.
  • No Nidhi shall 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.
  • No Nidhi shall 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.
  • No Nidhi shall accept deposits from or lend to any person, other than its members.
  • No Nidhi shall pledge any of the assets lodged by its members as security.
  • No Nidhi shall take deposits from or lend money to any body corporate.
  • No Nidhi shall enter into any partnership arrangement in its borrowing or lending activities.
  • No Nidhi shall 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.
  • pay any brokerage or incentive for mobilising deposits from members or for deployment of funds or for granting loans.

Membership

  • Every Nidhi shall issue equity shares of the nominal value of not less than ten rupees each.
  • No service charge shall be levied for issue of shares.
  • Every Nidhi shall allot to each deposit holder at least a minimum of ten equity shares or shares equivalent to one hundred rupees.
  • A Nidhi shall not admit a body corporate or trust as a member.
  • every Nidhi shall ensure that its membership is not reduced to less than two hundred members at any time.
  • 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.

Branches Opening

  • A Nidhi may open branches, only if it has earned net profits after tax continuously during the preceding three financial years.
  • Nidhi may open up to three branches within the district.
  • 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.
  • 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.
  • 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.

Branches Closing

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  • A Nidhi shall not close any branch unless 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.
  • 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.
  • Gives an intimation to the Registrar within thirty days of such closure.

Deposits Conditions

  • A Nidhi shall not accept deposits exceeding twenty times of its Net Owned Funds (NOF) as per its last audited financial statements.
  • The fixed deposits shall be accepted for a minimum period of six months and a maximum period of sixty months.
  • Recurring deposits shall be accepted for a minimum period of twelve months and a maximum period of sixty months.
  • 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.

Deposits Interest Rate

  • Rate of interest on saving deposit account shall not exceed two per cent above the rate of interest payable on savings bank account by nationalised banks. (Current Rate of SBI is 3.5% + 2% Extra for Nidhi = Total 5.5% interest per annum).
  • 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 of India which the Non-Banking Financial Companies can pay on their public deposits. (Current Rate of RBI is 12.5% per annum).

Loans Limit

  • A Nidhi shall provide loans only to its members.
  • Two lakh rupees, where the total amount of deposits of such Nidhi from its members is less than two crore rupees.
  • Seven lakh fifty thousand rupees, where the total amount of deposits of such Nidhi from itsmembers is more than two crore rupees but less than twenty crore rupees.
  • 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.
  • 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.

    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.

Loans Conditions

  • A Nidhi shall give loans to its members against gold, silver and jewellery. Provided that the re-payment period of such loan shall not exceed one year.
  • A Nidhi shall give loans to its members against immovable property. Provided that the total loans against immovable property shall not exceed fifty per cent of the overall loan outstanding of the value of property offered as security and the period of repayment of such loan shall not exceed seven years.
  • A Nidhi shall give loans to its members against 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.

Loans Interest Rate

  • 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. (Maximum Interest can be charged 12.5% + 7.5% = 20%).

Directors

  • The Director shall be a member of Nidhi.
  • The Director of a Nidhi shall hold office for a term up to ten consecutive years on the Board of Nidhi.
  • The Director shall be eligible for re-appointment only after the expiration of two years of ceasing to be a Director.

Dividend

  • A Nidhi shall not declare dividend exceeding twenty five per cent of profit, if there has been no default in repayment of matured deposits and interest and it has complied with all the rules as applicable to Nidhi Company.

Auditor

  • No Nidhi shall appoint or re-appoint an individual as auditor for more than one term of five consecutive years.
  • No Nidhi shall appoint or re-appoint an audit firm as auditor for more than two terms of five consecutive years.

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

Frequently Asked Questions

What is Annual Filling?

As a part of Annual Filing, Companies incorporated under the Companies Act 1956 or Companies Act 2013, are required to file the following e-Forms with the Registrar of Companies (ROC):

  • Form AOC-4: For filing financial statement and other documents
  • Form MGT-7: Form for filing Annual Return by Companies having share capital
  • Form NDH-1: Statutory Compliance
  • Form NDH-3: half yearly compliance

Every company should ensure the following within 1 year.

  • Minimum members must not be less than 200.
  • Minimum net owned fund should be at least Rs.10,00,000.
  • The ratio between net owned funds and deposits must not be more than 1:20.
  • Unencumbered term deposits of not less than ten per cent of the outstanding deposits.

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