7 Share Capital and Allotment
(1) Every Nidhi shall issue 1[fully paid up] equity shares of the nominal value of not less than ten rupees each:
Provided that this requirement shall not apply to a company referred to in sub-rules (a) and (b) of rule 2.
(2) No service charge shall be levied for issue of shares.
(3) Every Nidhi shall allot to each deposit holder at least a minimum of ten equity shares or shares equivalent to one hundred rupees:
Provided that a savings account holder and a recurring deposit account holder shall hold at least one equity share of rupees ten.
Amendment
1. Inserted by Nidhi (Amendment) Rules 2019 Amendment Effective from 15th August 2019. |