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Regarding nbfc company

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(Querist)
24 February 2014 Sir, we have a company with name "TISH CONSULTANCS PRIVATE LIMITED" which is a NBFC company. It was incorporated in 1990 and got certificate from RESERVE BANK OF INDIA dated 20TH APRIL, 2002.
Sir my question is that :-
Is this company should follow the section 45-IA of RBI Act, 1934 relating to maintain a minimum Net Owned Fund of Rs. 200 lacs for carrying business of NBFC?
Is it a defaulter Company if this is not complying this provision?
What is the penal provision regarding this?
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Sonika GARG

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Sonika GARG (Querist)
25 February 2014 pls rply if have any idea
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Arvind Ray

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Arvind Ray (Expert)
26 February 2014 Maintenance of minimum net owned funds is mandatory. If this is not done, the registration of NBFc may be cancelled.
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