18 Dividend.
1[A Nidhi shall not declare dividend exceeding twenty five per cent in a financial year.]
Amendment:
1. Substituted by Nidhi (Amendment) Rules, 2022 dated 19th April, 2022
For rule 18 the following;
A Nidhi shall not declare dividend exceeding twenty fiveper cent. or such higher amount as may be specifically approved by theRegional Director for reasons to be recorded in writing and further subject tothe following conditions, namely:-
(a) an equal amount is transferred to General Reserve;
(b) there has been no default in repayment of matured deposits andinterest; and
(c) it has complied with all the rules as applicable to Nidhis.
shall be substituted, namely:-
"A Nidhi shall not declare dividend exceeding twenty five per cent in a financial year”.