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V.S. Datey on Companies Act, 2013
  • EXEMPTION TO NBFC

    by MUKESH GOEL on Monday, May 27, 2019 at 05:26 PM

    DOES AN NBFC COMPANY, WHICH IS A NON DEPOSIT TAKING AND NON SYSTEMICALLY IMPORTANT NBFC, ENJOYS ANY EXEMPTION FROM THE PROVISIONS OF SECTION 186 OF TE ACT IN TERMS OF SECTION 186 (11)(a) READ WITH SUB RULE 2 OF RULE 11 OF THE COMPANIES (MEETINGS OF BOARD AND ITS POWERS)RULES, 2014. THE SUB RULE 2 OF RULE 11 EXPLAINS THE MEANING OF "BUSINESS OF FINANCING COMPANIES". PLEASE REFER THE SECTION 186(11)(a)and RULE BEFORE THE AMENDMENT IN SECTION 186 ON 07.05.2018.

    Replied byV.S. Datey Saturday, June 01, 2019 at 01:47 PM

    It is border line case and difficult to say that NBFC is exempt V S Datey

 
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