Restrictions on use of words “Nidhi Limited”-The Nidhi (Amendment) Rules, 2024

Restrictions on use of words Nidhi Limited unless declared as such under section 406(1). Nidhi (Amendment) Rules 2024

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 16th July, 2024

G.S.R. 413(E).—In exercise of the powers conferred by sub-section (1) of section 406 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, further to amend the Nidhi Rules, 2014, namely:-

1 (1) These rules may be called the Nidhi (Amendment) Rules, 2024.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Nidhi Rules, 2014, in rule 4, in sub-rule (5,) the following proviso shall be inserted, namely: –

“Provided that a company shall not use the words “Nidhi Limited” in its name unless it is declared as such under sub-section (1) of section 406 of the Act.”

[F. No. 5/62/2023-CL-VII-MCA]

MANOJ PANDEY, Addl. Secy.

Note: The principal rules were published in the Gazette of India vide notification number G.S.R. 258(E), dated the 2nd April, 2014, subsequently amended vide notification number G.S.R. 467(E) dated the 1st July, 2019, subsequently amended vide notification number G.S.R. 114(E) dated the 14th February, 2020, further amended, vide notification number G.S.R. 301(E) dated the 19th April, 2022 and were last amended, vide notification number G.S.R. 35 (E) dated the 20th January, 2023.

Download MCA Notification Click Here >>

• Effect of reduced timeline for filing TDS Correction statements on TDS Credits
• Accounting principles and provisions of law do not permit addition of opening balance – ITAT
• Penalty for late supply of goods allowable deduction u/s 37 being not a crime or prohibited activity
• Interest received from Cooperative banks allowable deduction u/s 80P to a Cooperative Society
• SC to decide distinction in employees & employer contribution to PF, ESI for allowability u/s 43B