below is summary of the clause from our notes.
–>Applicable only to Nidhi Company (mutual benefit company)
Maintaining Net Owned Funds: Deposits à 1:20 (Net Owned funds= Paid up Eq Sh Cap + Free Res – Acc Loss– Intangible Assets)
10% Unencumbered Term Deposits (In Scheduled commercial bank (other than a co-operative bank or a regional rural bank), or post office deposit / Term Deposits should be as outstanding on last working day of second preceding month)
its not possible to explain complete concepts here in text, medium is not suitable to teach please ask specific doubt 🙂 i hope you will understand. it is good for specific sentence, word, concept related doubt solving. explaining complete clause may not be possible.
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