FROM THE DESK OF CS S. DHANAPAL, B.Com, B.A.B.L., F.C.S
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Dear All,
The Companies Act, 2013 has given due recognition to Nidhi Companies by treating them as a special class of companies. An entire Chapter, namely Chapter XXVI has been devoted to Nidhi Companies and relevant Rules also notified for them.
Section 406 of the Act defines a Nidhi to mean “a Company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings among its members, receiving deposits from, and lending to, its members only, for their mutual benefit, and which complies with such rules as are prescribed by the Central Government for regulations of such class of Companies.
Apart from the rules which were specially notified in relation to Nidhi Companies, all other provisions of the Act applied to them in the same way as to any other company. Hence a need was there to grant certain reliefs to these special class of companies.
The Ministry of corporate Affairs has by way of notifications dated 5th June, 2015, released the most anticipated exemptions for Government Companies, Private Companies, Nidhi Companies and Companies registered under Section 8 of the Companies Act, 2013 (Act).
This write-up titled "EXEMPTIONS TO NIDHI COMPANIES UNDER COMPANIES ACT, 2013" presents an insight on the exemptions provided by means of these notifications to Nidhi Companies. Write-ups on Exemptions to Private Companies and Companies registered u/s 8 of the Act and Government Companies has already been circulated.
Please click on the link below at the end of the email to download and read the full article.
Article on "Exemptions to Private Companies", "Exemptions to Government Companies" and "Exemptions to Section 8 Companies" is also annexed for ready reference of readers.
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Thanks and Regards
S. Dhanapal
Sr. Partner
M/s. S Dhanapal & Associates
(a Firm of Practising Company Secretaries)
Suite No.103, First Floor, Kaveri Complex,
96/104, Nungambakkam High Road,
(Next to NABARD and ICICI Bank),
Nungambakkam, Chennai - 600 034.
Land-line 044 - 4553 0256 / 0257
Dir-044-42652127 Cell-9677022712
email: csdha...@gmail.com
website:www.csdhanapal.com
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