Shree Vishnu Permanent Fund Limited, is a Nidhi Company incorporated on 17th August, 2023. The promoters being the new business entrant is not aware to file any kind of declaration. Hence the management seeks your advice

Rule 3B of the Nidhis Rules, 2014 provides that on and after commencement of Nidhi (Amendment) Rules, 2022, public company desirous to be declared as a Nidhi shall apply, in Form NDH-4, within a period of one hundred twenty days of its incorporation for declaration as Nidhi, if it fulfils the following conditions, namely:- it has not less than two hundred members; and it has Net Owned Funds of twenty lakh rupees or more. The company shall also attach, along with Form NDH-4, the declaration with regard to fulfilment of fit and proper person criteria, as per this sub-rule, by all the promoters and directors of the company. In case a company does not comply with the requirements mentioned above, it shall not be allowed to file Form No. SH-7 (Notice to Registrar of any alteration of share capital) and Form PAS-3 (Return of allotment). If a company falling under rule 2 of the Nidhis Rules, 2014, contravenes any of the provisions of the rules prescribed herein, the company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees, and where the contravention is a continuing one, with a further fine which may extend to five hundred rupees for every day after the first during which the contravention continues. Accordingly, Shree Vishnu Permanent Fund Limited is advised.