Form 1 registration of company

This query is : Resolved

ca.singh (Querist)
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26 September 2013 Respected friends
I uploaded a copy of MOA along with FORM 1, while incorporating a new company. The MOA got rejected on the ground saying, use of word NBFC should be excluded.
On going through the same, I found that it has not been used anywhere in the MOA.

However,the under mentioned object, seemed related to my problem.
"To lend and advance money or give credit to such persons or companies and on such
terms as may be expedient and in particular to customers of and others having dealings
with the Company and to guarantee the performance of any contract or obligation and
to payment of money by any such persons or companies provided that the company
shall not do any banking business, as defined in Banking Regulation Act, 1949."
Can anyone confirm, if I should remove this clause.
Regards

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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05 October 2013 You redraft it and then upload. Instead of so many ifs and buts simply you state - to deal in money and to accept, lend, borrow against security and other terms