Report On Nidhi Companies U/S 620A Of The Companies Act
The Govt. is empowered to declare certain Non-Banking Financial Companies as Nidhi Companies or Mutual Benefit Societies. The number of such companies as on date is 257. In order to ensure the proper functioning and growth of these companies and to provide the highest degree of safety to the depositors investing in such companies, the Govt. had set up an Expert Group under the Chairmanship of Shri AR Rao. The report of the Group has been submitted and is under consideration of the Ministry.