said relief is available to the nidhi companies, which have positive net owned funds in the ratio of 1 : 20 and as certified by their ... Comp Cas (St.) 2.].
(ii) The net owned fund of the nidhi company is positive as on March 31, 1996.
(iii) The nidhi company
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
after
21.04.1999 are compulsorily required to
attain a minimum Net Owned Fund(NOF) of Rs. 2
crore instead of 25 lakhs. Thereafter it was
Page ... Banking Financial Companies are
mandatorily required to attain a minimum Net
Owned Fund of Rs. 2 crore by end of March
which are
as under:
(i). The accused No. 1 had NOF (Net Owned Fund) of Rs.
11.33 lacs as on 31.03.1997 and the company ... Direction, 1997. It was found, that the accused no. 1 had
Net Owned Fund of Rs. 11.33 lacs as on 31.03.1997. The
accused
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
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
Reserve Bank of India as regard achievement of the specified Net Owned Fund (NOF).
4. The petitioner's company, thereafter, had challenged the aforesaid ... which is as follows:-
"45-IA. Requirement of registration and net owned fund.-
(1) Notwithstanding anything contained in this Chapter or in any other
Section 29-A titled as -'Requirement Of Registration And
Net Owned Fund' stipulates about the HFI, which intends to
commence and operate ... reads as thus:
"Section 29-A - Requirement Of Registration
And Net Owned Fund -
(1) Notwithstanding
anything contained in this Chapter or in
any other
provisions of
section 45D
45I A. Requirement of registration and net owned fund.
(1) Notwithstanding anything contained in this
Chapter or in any other ... certificate of registration issued under
this Chapter; and
(b) having the net owned fund of twenty-five lakh
rupees or such other amount, not exceeding
