A Nidhi Company is a type of non-banking financial company in India that primarily deals with the borrowing and lending activities of its members. It's often formed with the objective of cultivating the habit of thrift and savings among its members. However, the cancellation and refund policy for a Nidhi company can depend on the specific context (e.g., cancellation of membership, refund of fees, etc.). Here's a general breakdown of what might apply:
1. Cancellation of Membership Voluntary Withdrawal: If a member decides to withdraw from the Nidhi company, they would typically need to submit a request or application for cancellation of their membership. Refund of Share Capital: The amount invested in shares (the share capital) will be refunded, subject to the company’s terms and conditions, the balance in their account, and after following the proper exit procedures.You are allowed to initiate the cancellation within 15 days of the membership registration
2. Cancellation of Registration (By the Nidhi Company) Regulatory Non-compliance: If the Nidhi company fails to comply with the regulations laid out by the Ministry of Corporate Affairs (MCA) or the Reserve Bank of India (RBI), the registration can be canceled. Process: The company would need to follow legal processes to wind up operations and refund the members as per their capital invested and the company’s remaining assets. Impact on Members: Members may receive refunds according to the terms of cancellation, but this is generally done after settling debts and liabilities.
3. Refund Policy (for Fees or Charges) If Refund is approved you’ll be automatically refunded on your original payment method within 10 business days,Please remember it can take some time for your bank or credit card company to process and post the refund too. If more than 15 business days have passed since we’ve approved your return, please contact us at REJAINDIA2021@GMAIL.COM , +91 9564022313