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[Cites 0, Cited by 0] [Section 12] [Entire Act]

Union of India - Subsection

Section 12(2) in Nidhi Rules, 2014

(2)The application form shall also contain the following statements, namely: -
(a)in case of non-payment of the deposit or part thereof as per the terms and conditions of such deposit, the depositor may approach the [Bench of the National Company Law Tribunal] [Substituted 'Registrar of companies' by Notification No. G.S.R. 467(E), dated 1.7.2019 (w.e.f. 31.3.2014).] having jurisdiction over Nidhi;
(b)in case of any deficiency of Nidhi in servicing its depositors, the depositor may approach the National Consumers Disputes Redressal Forum, the State Consumers Disputes Redressal Forum or District Consumers Disputes Redressal Forum, as the case may be, for redressal of his relief;
(c)a declaration by the Board of Directors to the effect that the financial position of Nidhi as disclosed and the representations made in the application form are true and correct and that Nidhi has complied with all the applicable rules;
(d)a statement to the effect that the Central Government does not undertake any responsibility for the financial soundness of Nidhi or for the correctness of any of the statement or the representations made or opinions expressed by Nidhi;
(e)the deposits accepted by Nidhi are not insured and the repayment of deposits is not guaranteed by either the Central Government or the Reserve Bank of India; and
(f)a verification clause by the depositor stating that he had read and understood the financial and other particulars furnished and representations made by Nidhi in his application form and after careful consideration he is making the deposit with Nidhi at his own risk and volition.