Company, the Committee recommended for the words 'net assets' the words 'net owned funds' to be substituted and that should ... This recommendation was because of the fact (hat the concept of net owned funds will be in tune with the Reserve Bank of India directions
exceed borrowings beyond a particular percentage
of the net-owned funds have been provided in the corporate
sector. But for these requirements, the depositors would ... from
shareholders, Directors etc. which exceeded 15 per cent of
the net-owned funds of the companies as also restricted
payment of interest on deposits
securities;
(c) not more than 20 percent or ten times the net
owned funds of the company, whichever amount is
less, shall be in other ... approval of the
Board of Directors of the Company.
Explanation :
"Net owned funds" shall mean the aggregate of the
paid-up capital
immovable property by other
persons;
45-IA. Requirement of registration and net owned
fund
*** *** ***
Explanations.-For the purposes of this section,-
(I) "net owned ... above.
45-IC. Reserve fund
(1) Every non-banking financial company shall create a
reserve fund the transfer therein a sum not less than
twenty
exceed borrowings beyond a particular percentage of the
net-owned funds have been provided in the corporate sector.
But for these requirements, the depositors would ... companies must have a minimum of Rs. 25,00,000 of net owned
funds (NOF) and withdraw the deposits and/or take loans
before
Internet And Mobile Association Of ... vs Reserve Bank Of India on 4 March, 2020
Equivalent
provisions of the
1934 Act:
i) On 31st March 2004, the Net Owned Fund (NOF) of the appellant
company herein stood at negative (-) Rs.10666 ... will apply for the
regulation of collection of deposits, for minimum net owned funds,
terms of deposits, etc. but will not apply to cases
more than 20 per cent or ten
times the net owned funds of the
company, whichever amount is less, shall
be in other investments,
Provided
more than 20 per cent or ten times
the net owned funds of the company, whichever
amount is less, shall be in other investments.
Provided ... approval of the board of directors of the
company.
Explanation.--"Net owned funds" shall mean the
aggregate of the paid-up capital
banking financial institution.
(ii) Such NBFC should have a netowned fund of
Rs.25 lakhs or such other amount not exceeding
Rs. 100 crores ... should create a reserve fund and
transfer to the said fund a sum not less than 20%
of its net profit every year. No part
