18 December 2008
5. NON ACCEPTANCE OF PUBLIC DEPOSITS, AND COMPLIANCE OF NBFC GUIDELINES BY THE COMPANY
The Chairman informed the Board that as required under the guidelines of Non Banking Financial companies, the Company dose not hold public deposits and will not accept public deposits without prior approval of Reserve Bank of India. It was further informed that the Company duly complied with the provisions of the RBI Act and Prudential Norms Directions (to the limited extent as applicable to the Company, being an NBFC not accepting deposits) have been complied with. The Board noted and considered the same and passed the following resolution:
“RESOLVED THAT the Company is not accepting/holding public deposits, as defined in Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998, as on date and will not accept public deposit in future without obtaining written prior permission of Reserve Bank of India.”
Yes,Sumit you have to pass this res. every year n file a copy of it with RBI before 30th June evry yr.
CAclubindia
