“Nidhi” means a company which has been incorporated as a Nidhi
(a)with the object of cultivating the habit of thrift and savings amongst its members,
(b) receiving deposits from, and lending to its members only for their mutual benefit,
(c) and which complies with the rules made by the Central Government for the regulation of such class of companies.
Application (Rule 2)
These rules shall apply to,
(a) every company which had been declared as a Nidhi or Mutual Benefit Societyus section 620 A of the companies Act, 1956.
(b) every company functioning on the lines of a Nidhi company or Mutual Benefit Society but has either not applied for or has applied for and is awaiting notification to be a Nidhi or Mutual Benefit Society under section 620A of the Companies Act, 1956,
(C)every company incorporated as a Nidhi pursuant to the provisions of section 406 of the Companies Act, 2013: and
(d) every company declared as Nidhi or Mutual Benefit Society under section 406 of the Companies Act, 2013 after 15/08/2019