Question
Within one year of incorporation, what should be the
ratio of net owned funds to the deposits for Nidhi companies? Refer to the following information to answer the next 4 questions (Q9 to Q12) Nidhi Company is an NBFC (Non-Banking Financial Company). Nidhi in simple terms means a company which is formed with the object of cultivating the habit of thrift and savings. These are regulated entities and the rules and directions governing Nidhi Companies are issued from time to time. The formation of the Nidhi Company is very easy process. It requires only ____ members out of which 3 members would be the directors. The Nidhi company takes hardly 10-5 days to get registered. Also no. of the documents required for the registration are very less.Solution
Conditions to be satisfied by the Nidhi after incorporation [Rule 5] – Within a period of one year from the date of incorporation – a) The Nidhi Company should have minimum 200 members: and b) Net Owned Funds of Nidhi Company should be INR 10 Lakhs or more: and c) Unencumbered term deposits of not less than 10% of the outstanding deposits; and d) The ratio of Net Owned Funds to Deposits should not be more than 1:20.
The liability of the surety is co-extensive with that of the principal debtor. It has been provided under Indian Contract Act:
In computing the period of limitation for filing a suit the day on which it is reckoned ______.
Which of the following cases does not explain the maxim ‘Damnum Sine Injuria’?
No special treatment can be given to the government when considering an application for stay of the award was held by the Apex Court in the case of?
In the context of a lease, what happens if a lessee or under-lessee remains in possession of the property after the determination of the lease, and the ...
Specific Relief is granted for?
As per the provisions laid down under the Sale of Goods Act __________________ means goods identified and agreed upon at the time a contract of sale is ...
Up to what maximum amount can the Reserve Bank increase the minimum authorized capital of the credit information company as per the Credit Information C...
Who is the ex- officio chairman of the Council of States?
What does USDA stands for?
