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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 five per cent. or such higher amount as may be specifically approved by the Regional Director for reasons to be recorded in writing and further subject to the following conditions, namely:- (a) an equal amount is transferred to General Reserve; (b) there has been no default in repayment of matured deposits and interest; 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”.
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