WHAT IS A NIDHI COMPANY? - The word ‘Nidhi’ is derived from a root word traditionally meaning ‘treasure’. In the recent context of Indian financial sector, it refers to mutual benefit society notified by the Central government as a Nidhi Company. Their main aim is of cultivating the habit of thrift and savings among its members.The companies under Nidhi business are allowed to borrow from members and to lend to members only. Their dealings are restricted only to the members and they are therefore regarded as mutual benefit companies. The source of funds is from the members itself. The loans are given at comparatively less rate of interest than the banks in India.
LEGAL ASPECTS - Nidhi Company is registered as ‘Public Company’. The registration process is somewhat same as the public companies except for some additional steps. Nidhi Company should be incorporated as a Public Limited Company. It needs at least of 3 directors, 7 shareholders and a minimum capital of Rs.10 lakh. The company should not issue preference shares. A company incorporated as a Nidhi part should have ‘Nidhi Limited’ as part of its name . The Net Owned Funds should be 10 lakhs or more . Company should have unencumbered deposits of not less than 10% of the outstanding deposits . The ratio of Net owned Funds to deposits should not exceed the ratio 1:20
MEMBERSHIP- The membership of a Nidhi Company is open to individuals who become a shareholder. Every Nidhi shall issue equity shares of nominal value of not less than ten rupees each. The membership of a Nidhi Company is restricted to individual member only.. A Nidhi Company must never admit any corporate body or any trust as its member. A teenager/minor shall also not be allowed to become a member of Nidhi Company. No service charge shall be put upon for issue of shares of the company. Nidhi shall allow at least a minimum of ten equity shares equivalent to one hundred rupees. At least one equity share of ten rupees should be allotted to a savings account holder and a recurring deposit holder.
SHARE CAPITAL AND ALLOTMENT- Every Nidhi shall issue equity shares of nominal value of not less than ten rupees each. No service charge shall be put upon for issue of shares of the company. Nidhi shall allow at least a minimum of ten equity shares equivalent to one hundred rupees. At least one equity share of ten rupees should be allotted to a savings account holder and a recurring deposit holder.
CORPORATE GOVERNANCE- It has always been THAZHAYIL’s endeavour to exceed and excel through better corporate governance and fair and transparent practices operated from its Head Quarters.THAZHAYIL believes in leveraging the resources to translate dreams into opportunities and opportunities into realities, to infuse people with vision that sparks dynamism and entrepreneurship, to create a system of succession which combines stability and flexibility and continuity with change.
WHY THAZHAYIL NIDHI LIMITED?- ► Easy Accessibility to wide variety of savings, investments, products and deposits schemes, financial services and schemes. ►Dedicated Staff who maintain customer relationship and customer delight . ►Committed to provide our customers with the highest level of reliable service and the most innovative financial products. ► Solid reputation for work efficiency, effectiveness, dedication. ► Utmost professionalism. ► We make sure that you will keep on getting only the best and most available yet again. ► Online banking and high speed business avenues . ► Trust and Guarantee of fairness and transparency in all dealings . ► Totally free from all sorts of unethical financial practices . ► A long tradition of strength, financial discipline and goodwill.