The one and only motive of a Nidhi company are to borrow and lend money among the members. Since Nidhi companies are non-banking financial organizations, they are excluded from the compliance of the Companies Act, 2013. Its compliance abides by the Nidhi Company Act, 2014 regulations. The filing of the annual compliance will require the mandatory application of NDH-1, NDH-2, & NDH-3 and a legal proceeding. Failing to comply with the provisions may result in imprisonment and a penalty with an extension up to Rs. 5000.
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