business as a Non Banking Financial Institution without having
the Net Owned Fund (hereinafter referred to as "NOF") of Rs.
100 Lakhs ... which
read as follows:
"45-IA. Requirement of registration and net owned
fund.
(1) Notwithstanding anything contained in this
Chapter or in any other
business as a Non Banking Financial Institution without having
the Net Owned Fund (hereinafter referred to as „NOF‟) of Rs.
100 Lakhs at all material ... which read as follows:
"45-IA. Requirement of registration and net owned fund.
(1) Notwithstanding anything contained in this Chapter
or in any other
taking into account the provision for Bad and Doubtful
debts, the Net Owned Funds of the said company as on 31st March, 2000 fell
below ... treated as doubtful of recovery, inclusive of the balance thereof, the net
owned funds of the company were in excess of `25 lacs
taking into account the provision for Bad and Doubtful
debts, the Net Owned Funds of the said company as on 31st March, 2000 fell
below ... treated as doubtful of recovery, inclusive of the balance thereof, the net
owned funds of the company were in excess of `25 lacs
condition was that the institution should have had a net owned fund of Rs. 25 lakhs or such other amount not exceeding Rs. 200 lakhs ... Section 45IA(3) that allowed existing non-banking financial institutions with net owned fund of less than Rs. 25 lakhs to function for three years
renewal of such deposits, exceeds 15 per cent. of its net owned funds. The net owned funds have been defined to mean the aggregate paid ... also not to exceed borrowings beyond a particular percentage of the net owned funds have been provided for in the corporate sector. All these steps
NBFCs with Reserve Bank of Idia (RBI), stipulation of minimum net owned funds requirement, creation of reserve fund and transfer of certain percentage of profits ... continue business in order to fulfilll the requirement of the 'net-owned fund'. This is indeed a salutary provision since it does
NBFCs advising them to get themselves registered with RBI if their
net owned funds were more than Rs. 50 Lakhs. It is alleged that ... Capital, although it had net owned funds of more than Rs. 50 Lakhs, did not
apply for registration till the year 1996. CRB Capital made
NBFCs advising them to get themselves registered with RBI if their
net owned funds were more than Rs. 50 Lakhs. It is alleged that ... Capital, although it had net owned funds of more than Rs. 50 Lakhs, did not
apply for registration till the year 1996. CRB Capital made
crores in 1998
and improved its Net Owned Fund negative
position to positive position of Rs. 1.24
crores. The irregularities observed
during the present inspection ... crores
in the year 1998 and improved its net owned fund from
negative position to positive position of Rs. 1.24
crores. Notwithstanding this deficit, even
