Sec 372a on nbfc
This query is : Resolved
16 March 2012
Dear All,
The following is a query with regard to sec 327A that –
The NBFC is engaged in providing business loans and advances. Now whether Section 372A of the Companies Act, 1956 applicable to an NBFC?
Thanks in advance
Regards
Chandrashekhar
The following is a query with regard to sec 327A that –
The NBFC is engaged in providing business loans and advances. Now whether Section 372A of the Companies Act, 1956 applicable to an NBFC?
Thanks in advance
Regards
Chandrashekhar
16 March 2012
Hi
Sub Section (8) of Section 372A does not exclude the non banking financial institution from the purview of section 372A as an NBFC is different from that of a Banking company, as defined in the Banking Regulation Act, 1949.
So, section 372A will not apply to NBFC company.
Regards
Sub Section (8) of Section 372A does not exclude the non banking financial institution from the purview of section 372A as an NBFC is different from that of a Banking company, as defined in the Banking Regulation Act, 1949.
So, section 372A will not apply to NBFC company.
Regards
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