Ragavi and her six more relatives & friends want to incorporate a Nidhi Company. They seek your advice on the following issues with respect to the formation of company: (i) Whether Nidhi Company can be formed as a pr

No, as per rule 4 of the Nidhi Rules, 2014, a Nidhi Company to be incorporated under the Companies Act, 2013 shall be a public company and shall have a minimum paid up equity share capital of five lakh rupees and these Nidhi Companies are required to comply with two set of norms, one as a Public Limited Company under the provisions of Companies Act, 2013 and another under the Nidhi Rules, 2014.