Share capital and allotment

Share capital and allotment .—(1) Every Nidhi shall issue fully paid up equity shares of the nominal value of not less than ten rupees each:

Proviso

Provided that this requirement shall not apply to a company referred to in sub-rules (a) and (b) of rule 2.

(2)

No service charge shall be levied for issue of shares.

(3)

Every Nidhi shall allot to each deposit holder at least a minimum of ten equity shares or shares equivalent to one hundred rupees:

Proviso

Provided that a savings account holder and a recurring deposit account holder shall hold at least one equity share of rupees ten.

Notes, amendments & references (1)

fully paid up Inserted vide the Nidhi (Amendment) Rules, 2019 dated 01.07.2019 w.e.f., 15.08.2019. To view the Notification, Click Here .