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TMI BlogIncorporation for declaration of NidhiX X X X Extracts X X X X X X X X Extracts X X X X ..... (I) it has not less than two hundred members; and (II) it has Net Owned Funds of twenty lakh rupees or more. (2) The company shall also attach, alongwith Form NDH-4, the declaration with regard to fulfilment of fit and proper person criteria, as per this sub-rule, by all the promoters and directors of the company. (3) For the purpose of determining as to whether any promoter or director is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s laws or financial markets which is in force; (iv) an order of conviction has been passed against such person by a court for any offence involving moral turpitude; (v) such person has been declared insolvent and not been discharged; (vi) such person has been found to be of unsound mind by a court of competent jurisdiction and the finding is in force; (vii) such person has been categoris ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a Nidhi or Mutual Benefit Society, as the case may be: Provided that the decision of the Central Government approving the application, shall be filed by the company with the Registrar alongwith Form 20A required under section 10A of the Act: Provided further that such company shall commence its business only once the decision of the Central Government approving its application is obtained fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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