Closing a Nidhi Company

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Nidhi Company Closure

As a part of the Companies ACT 2013, a Nidhi Registered company is a non banking finance sector company. A Nidhi Company is put for the benefit of the members. The soul of the Nidhi Company function is to borrow and lend money between the members. A Nidhi registered company can also be called as a Mutual fund, Beneficial fund and Permanent fund company. Nidhi falls under the Non Bank Financial Company (NBFC) where the rules are governed by Reserve Bank of India (RBI), as a result of this RBI has the power to direct how the company accepts the deposit and as such. However, since Nidhis deal with their shareholder-members only, RBI has exempted such notified firms from the core provisions of the RBI Act and other directions applicable to NBFCs. It should contain Nidhi Limited in its name. A nidhi company can be closed owing to many reasons that would range from internal to external factors. The term winding up is also used to define the same where the company would not be functional anymore. Incase the company is not shutdown properly then the company must be spending money on compliances and standard audit related filings on yearly basis to stay legal for no proper reason, hence to avoid this many not functioning model companies are advised to do a proper closure for the well being. Under the Provisions of Company Act 2013 and nidhi company rules, it is recommended by the government that if a company is not considered to be functional and profitable and the team behind is not willing to continue it is recommended to close the company instead of letting it exist without proper legal documentation standards. At Unilex Consultants we provide you a hassle free nidhi closure process which would be dealt by our professionals within a time frame of 30-40 working days and is subjective to governmental processing time. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.

Advantages of Nidhi company closing

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COMPLIANCE FREE

There is no need of sticking on the track to stay compliant as the company would be dissolved anyway.

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NO PENALTY

Once the closure is initiated there is no need of the company to be worried about being in a state to pay the penalty fee for the unaddressed causes..

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APPROPRIATE BUSINESS

If the business which you have chosen is not running and generating profits, then resources can be utilized into a better one

Documentation for Nidhi closure

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Indemnity Bond notarized by Directors (STK 3).

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Latest financial statements

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Statement of Accounts containing assets & liabilities of the Company

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Special Resolution or Consent of 75% Members.

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Bank Account Closure Certificates.

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PAN Card of the Company.

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Board resolution for closure

Packages



Note:


Process involved in registering a Closing a Nidhi Company

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1

Eligibility for Strike Off

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2

Document Preparation

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3

Application Submission

Requirements for closing nidhi

    - The company applying under FTE should not have any asset and liability.
    - The company should not have commenced any business activity or operation since incorporation or at least one year must has been passed since last business activity or operation.
    - The Company has duly filed all the financials to the ROC, till the time of its closure.

Ways of closing a Nidhi company

    Defunct Company : A defunct company is nothing but a company that is failing to provide compliance to the activities to match the legal levels also the company that is not producing returns and other filings as such to stay legal on the yearly basis. The defunct company can be free from all the legal ties it has, but it differs as the Tribunal is given on the basis of its failure to do any transactions financially and so on.
    Winding up Voluntarily : This type is a situation where the members inside the company decide to wind up all the operations and legal partnership ties the company would have externally. Here the main factor is the passing of special resolution in the board.
    Selling a Nidhi Company : Selling off a Private Limited Company is like providing a voluntary closure, but the thing that differs here is that the control and the total members of the current ownership team are severed off from all the ties with the company and the company given to a new interested buyer and all the properties and legal ties the company has would be transferred to the person who is buying the company.

FAQs About Closing a Nidhi Company

Is ROC filing mandatory before company strike off application?
Yes, it is a mandatory process to solve as the MCA database has to stay updated that the company is free from all the legal ties.
What is the basic Eligibility criteria for closing a company?
The primary factor is that the company must at least be 1 year old in terms of nature of functioning in order to apply for closing.
What is time limit to file Closure documents with ROC?
The Form has to filled be filed with ROC office within 30 days from the date of Signing of the Statement of Assets and Liabilities.
What is Fast Track Exit (FTE) Scheme?
FTE is a company closure scheme initiated by MCA for easy and faster closure of Company. This is a mandatory thing to address in order to close a company.
What is MCA ?
MCA is Ministry of Corporate Affairs which has the database to maintain and also takes care of the complaint rules.

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