Hi all,
i have a query regarding the time taken for a private company to convert into a public limited company. Would it differ if the concerned company is a NBFC?
Please reply asap.
3 Replies
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 17 December 2009
If all the compliances are duly complied with, then the normal time taken ranges around 25 days.. It may take even lesser than that.. but still avg time taken is abt 25 days. In case of existing NBFC, it will take the same time. But in case the pvt. co. is not a NBFC as of now but it proposes to be a NBFC, then it will take some more time..
Regards,
KIRTI TERAIYA
(STUDENT)
(46 Points)
Replied 17 December 2009
Hi all,
I have a query regarding the applicability of "the Bombay Money Lenders Act 1946" to an existing NBFC in Mumbai which is registered with RBI. I have heard that if the Central Act is applicable then there is no need to comply with State Laws. One of our clients is an NBFC in Mulund registered with RBI, is it covered under definition of Money Lenders and if it is so would there be any penalty etc., for not having the required license under money lenders Act?
please reply asap
Suresh Savaliya
(CS )
(62 Points)
Replied 18 December 2009
Kirti
NBFC registered with RBI no need to get registered with state authority. "the Bombay Money Lenders Act 1946" exemp such NBFC.
Suresh Savaliya
998709126
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