Annual Statutory Compliance of Nidhi Companies
Nidhi companies are to work on different statutory requirements every year to maintain their legal status and run their affairs smoothly. These requirements include:
1. Conducting Annual General Meetings (AGMs): Nidhi companies by the prescribed period should hold AGMs to evaluate the performance of the company, approve the financial statements, and elect the directors.
2. Filing Annual Returns with the ROC: Nidhi companies have to submit annual filings with the ROC, including details regarding shareholders, directors, and the company’s financial statements.
3. Conducting Statutory Audits: Nidhi companies need to undertake audits every year done by chartered accountants to confirm the accuracy and openness of financial reporting. The audited financial statements are to be filed with ROC and presented to the members.
4. Maintaining Registers and Records: Nidhi companies must keep the registers and books that are prescribed by the Companies Act, 2013, such as the registers of members, directors, investments, deposits, and loans.