how to make real estate investment trust in India CS GAURAV +919990694230
Regulation 2014:-
S.No.
|
Particulars
|
Regulations
|
1.
|
Sponsor
|
• Maximum number of sponsor restricted
to 3
• Minimum holding for each of the sponsor shall be equivalent to
5% of the no. of units of REITs (i.e. Post initial offer size)
• Aggregate
Net worth of sponsors shall be of atleast Rs 100 crores. Moreover minimum networth requirement for individual sponsor is Rs 20 crores.
• Minimum 5 years experience in development of real estate or
fund management in real estate industry. Moreover, where the sponsor is a developer, at least two projects have been completed. |
2.
|
Manager
|
• Minimum Net worth Rs. 10 Crores.
• Minimum 5 years experience in fund management or advisory or
property management in the real estate industry.
• Atleast 50% of directors
or members of governing body as independent and not directors or members of governing body of another REITs.
• Entered into an investment
management agreement with the trustee which provides for the responsibilities of the manager in accordance with regulation 10 |
3.
|
Trustee
|
• Registered
with SEBI under SEBI (Debenture Trustees) Regulations, 1993 and not an associate of the sponsor or manager.
• Having such
infrastructure and personnel as specified by SEBI. |
4.
|
Minimum Asset
Criteria for listing
|
• In order to offer units to public the value of all the assets owned by REIT should be at least Rs 500
crores.
• The offer size is not less than
Rs. 250 Crores.
• Initial offer of REIT units has to
be through public issue only. |
5.
|
Investment
Conditions
|
• Investments only permitted in
following channels:
– SPVs (only if SPV holds 80% of the properties directly)
–Properties
–Securities
|
|
|
–TDRs (Transferable Development Rights)
• Can’t invest in vacant land,
agriculture land and mortgages other than mortgage backed securities.
• At least 80% of the value of REIT shall be invested in
completed and rent generating properties. Lock–in–period of 3 years from date of purchase.
• Investment in TDRs and
Unutilized Floor Space Index (FSI) now permitted under second tier of Investment mode with a maximum cap of 20% of REIT’s Assets.
• If
investment in under construction properties under the sub second tier of Investment mode with maximum cap of 10% of REIT’s Assets then, lock–in–period of 3 years from date of completion.
• Not less than 75% of the revenues of REITs and SPVs, other
than gain arising from disposal of properties, shall be from rental, leasing and income incidental to leasing of real estate. |
6.
|
Approval of
Unitholders
|
• In case of sale of properties of REIT or SPV exceeding 10% of the value of assets.
• Purchase of property for a value greater than 110% of the value
as assessed by valuer or sale of property which is less than 90% of the value as assessed by the valuer is allowed if approved by Unit Holders (Valuation by two independent valuers is mandatory).
• In
case of transactions with related parties on crossing of stipulated norms.
• If the aggregate consolidated borrowings and deferred payments
of the REIT net of cash and cash equivalents exceed twenty five per cent. of the value of the REIT assets, credit rating from credit rating agency is also required along with approval of unitholders.
• With
respect to the annual meeting of unit holders, approval of
– latest annual accounts and performance of the REIT
– auditor and fees of such auditor, as may be required
– latest valuation reports
– appointment of valuer, as may be required
– any other issue including special issues as specified under subregulation (6)
• Any
issue, in the ordinary course of business, which in the opinion of the sponsor(s) or trustee or manager, is material and requires approval of the unit holders. For instance- Any change in manager including removal of the manager or change in control of the manager, any material change in investment strategy or any change in the management fees of the REIT |
7.
|
Cash Flows
|
• Not less than ninety per cent of Net distributable cash flows of the
REIT shall be distributed to the unit holders once in 6 months.
• However if sale proceeds from any property are reinvested in
another property then there is no requirement of distributing 90% |
|
|
of the proceeds to the Unit Holders.
|
8.
|
Related Party
Transactions
|
• Transactions
such as acquisition or sale of properties or investments into securities in a financial year; or
• Value of funds borrowed from related parties in a financial year requires previous approval of Unit holders if the value of transaction exceeds
10% of the value of REITs or consolidated borrowings respectively |
9.
|
Borrowings
|
• Aggregated
consolidated borrowing and deferred payment of REIT net of cash and cash equivalents shall never exceed 49% of the value of REIT assets. |
10.
|
Valuations
|
• The valuer shall not be an associate of the sponsor(s) or manager or
trustee and shall have not less than five years of experience in valuation of real estate.
• Full
valuation report shall include the mandatory minimum disclosures as specified in Schedule V to these regulations.
• A full valuation
shall be conducted at the end of financial year i.e at 31st March by the valuer within 3 months along with half yearly valuations.
• Prior to any issue of units to the public and any
other issue of units as may be specified by the Board, the valuer shall undertake full valuation of all the REIT assets and include a summary of the report in the offer document. |
holder.
person other than the sponsor(s) holding units of the REIT prior to initial offer shall hold the units for a period of not less than one year from the date of listing of the units subject to circulars or guidelines as may be specified by the Board.
of disclosure of information, reports is half yearly.
Manager.
for
units of REIT shall be Rs 2 lakhs.
Trusts) Regulations, 2014:-
as a
trust and registered
with
SEBI. It shall have parties such as Trustee, Sponsor(s),
Investment Manager and Project Manager.
controlling
interest and more than 50% of the
equity
share capital or interest in the
underlying SPV, except where the same is not possible because of a regulatory
requirement/ requirement emanating from the concession
agreement.
of at least 3 years.
Rs.
250 crore at the time of initial offer of
units.
units. The minimum
subscription from any
investor in initial and follow–on offer shall be ten
lakh
rupees.
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Director report of pvt/public/listed co as per co act 2013
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Company act 2013 cheklist section wise
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Formation of Company with Charitable Objects
Make an Application
company under this Section, an application shall be made in Form No. INC-12
Application shall be accompanied by the following documents:
MOA & AOA of
the company
Declaration as
given in Form No. INC-14 by an Advocate, a Chartered Accountant, a Company
Secretary or Cost Accountant in practice, that the draft MOA & AOA have
been drawn up in conformity with the provision of section 8 and rules made
there under and all the requirements under section 8 has been complied with.
An estimate of
future income & expenditure of the company for next 3 years, specifying the
source of income and the objects of the expenditure.
A declaration by
each of the person making the application in Form INC-15.
is satisfied that a person or an association of persons proposed to be registered
under this Act as a limited company –
Has in its
Object the promotion of commerce, art, science, sports, education, research,
social welfare, religion, charity, protection of environment or anu such other
object
Intends to apply
its profit in promoting its objects
Prohibit the
payment of dividend.
Number (DIN)
to Obtain DIN if he does not have the DIN.
for Obtaining DIN:-
Signed copy of PAN
Signed copy of Address Proof
Color Photograph
Area of Occupation (Self employed,
Professional, home maker, Student, Serviceman)
Educational Qualification
Certificate
Email address
Mobile number
Place of birth
Digital Signature.
obtaining Digital Signature following documents are required:-
original application
color photograph of the applicant
should be crossed signed on the application
copy of PAN
copy of Address proof
number
Selecting a name
promoter under a proposed name shall make an application for Reservation of name in Form INC-1 to Registrar of
Companies of the state in which registered office of company is proposed to be
situated.
is required to give maximum 6 alternative names to the registrar.
proposed name shall not be Identical/ similar to the name of a Company already
exist.
proposed name shall not be registered in the Trade marks
the proposed name contains name of any other person than promoters or their
close blood relatives then NO Objection Certificate from that other person
would be required.
the proposed name includes name of the relatives then proof of relation would
be required.
the promoter have 1 specific name in mind then certification from Practicing
Professional is required.
Memorandum
in Form No INC-13
the proposed company shall be in Form
No. INC-13
Make an Application
company under this Section, an application shall be made to Registrar in Form No. INC-12
Application shall be accompanied by the following documents:
MOA & AOA of
the company
Declaration
as given in Form No. INC-14 by an
Advocate, a Chartered Accountant, a Company Secretary or Cost Accountant in
practice, that the draft MOA & AOA have been drawn up in conformity with
the provision of section 8 and rules made there under and all the requirements
under section 8 has been complied with.
An estimate of
future income & expenditure of the company for next 3 years, specifying the
source of income and the objects of the expenditure.
A declaration by each of the person making
the application in Form INC-15.
Give Notice in News-paper
the application to the Registrar of Companies, publish a notice, and a copy of
the notice, shall be send forthwith to the registrar, in Form no. INC-26, an shall be published:
1. At least once in a vernacular newspaper in the
principal vernacular language of
the district in which the registered office of the proposed company is to be
situated, and circulating in that district, and
2. at least once in English language in an
English newspaper circulating
in that district; and
3. On the websites as may be notified by the
Central Government. Copy of such notice in newspapers shall be submitted to the
Registrar of Companies immediately after their publication.
the applicant to furnish the approval or concurrence of any appropriate
authority, regulatory body, department or Ministry of the Central or State
Government(s)
objections, if any, of any person pursuant to notice published in newspapers.
The Registrar may also consult necessary authorities and regulatory bodies.
Thereafter, the Registrar of Companies at its
discretion may grant the license.
registered under this section shall not alter the Provisions of its MOA or AOA
except with the previous approval of the Central Government.
Government may, by order, revoke such license granted under section 8, if:
a) the company contravenes with the requirement of section 8
the conditions subject to which license is issued; or
c) affairs of the company are conducted in a fraudulent manner or in violation
of object of the company or prejudicial to the interest of the public.
Further, the Central Government may direct the company to change its status
from section 8 company to either private or public limited company. And also
direct it to change its name to include the word “Limited” or words “Private Limited”.
However, before making order, the Central Government shall give reasonable
opportunity of being heard.
Upon receiving such an order, where the license granted to a company registered
under section 8 has been revoked, the company shall intimate to the Registrar
to convert its status and change of name accordingly.
On revocation of license the Central Government may, by order, if it is
satisfied that it is essential in public interest, direct that the company be
wound up or amalgamate with another company registered under this section
having similar objects.
order, the Central Government shall give reasonable opportunity of hearing to
the company.
is satisfied that in public interest, such company shall amalgamate with
another company registered under section 8 and having similar objects, then the
Central Government may order details of amalgamation like forming a single
company, transfer of assets and liabilities etc. This right of the Central
Government prevails even if they are contrary to other provisions of the
Companies Act, 2013.
company and having similar objects.
default in complying with the provisions of section 8 shall be punishable with
fine which shall not be less than Rs. 10,00,000/- but which may extend to Rs.
1,00,00,000/-.
is in default shall be punishable with imprisonment for a term which may extend
to 3 years or fine which shall not be less than Rs. 25,000/- but may extend to
Rs. 25,00,000/- or with both, imprisonment and fine.
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Exemptions to Private companies under ease of foing business India
SECTION
|
EXEMPTION PROPOSED BY GLOBALCA TEAM
|
EXEMPTION NOTIFIED BY MCA
|
MAJOR IMPACT/
EFFECTS OF NOTIFICATION ON PRIVATE COMPANIES |
Section–73 (2) of
Chapter V (Prohibition on Acceptance of Deposits from Public) |
Exemption: Shall not Apply to Private Companies
provided – It has less than 50 members and if they accept monies from their members not exceeding 25% of aggregate of the paid– up capital and free reserves or 100 % of the paid up capital, whichever is more
AND
Which
informs the detail of such monies to the Registrar. |
Private Companies borrowing monies from members upto aggregate limit of paid–up
share capital & free–reserves, need not require to comply with conditions mentioned in section
73(2)(a) to (e).
However details
of money so borrowed shall be filed with ROC in manner as may be specified |
Private Companies may borrow from its members
without complying with the following conditions:
(i) Issuance
of circular and filing its copy with ROC
(ii)
Maintaining Deposit
Repayment Reserve
(iii) Providing
Deposit
Insurance
|
Section 141 (3) (g)– Chapter X– Eligibility,
Qualifications, disqualifications of Auditor |
Whole Exemption–
Shall not apply in respect of appointment of auditors by private companies. |
Text
of notification:-
“Other than OPC, Dormant, Small Companies and Private Companies
having paid up capital of less than Rs. 100 Crores shall be inserted after 20
Companies.”
|
Limit of 20
companies shall include only:
(i)
Public Companies
(ii)
Private Companies whose Paid up capital is Rs. 100 Crore or more |
Section 180 of
Chapter XII – Restriction on Powers of Board |
Whole Exemption Shall
not apply to private companies having equal to or less than 50 members. |
This Section shall not apply to Private Companies
|
Private Companies are allowed
to exercise the following powers without shareholder’s approval:-
(i)
Borrow any amount exceeding paid–up capital & free reserves
(ii) Sell/lease/dispose off whole or substantially the whole of
the undertaking
(iii) Invest in trust securities the
amount of compensation received by it as a result of merger or amalgamation |
Section 185 of
Chapter XII– Loans to Directors |
Shall not
apply to private companies–
having borrowings from
banks and financial institutions or anybody corporate not more than twice of their paid–up capital or Rs. 50 crore, whichever is lower
AND
whose share capital is devoid of any investment
by any other body corporate. |
This Section shall
apply only to private Companies which has :–
1.
Body Corporate as its Shareholder
2. Borrowed money from Bank/ Financial
Institution/
Body
Corporate exceeding lower of the following:-
i. Twice its
Paid up capital
ii. Rs. 50 crore
3. No repayment default subsisting of such borrowings at time of
giving loan |
Problem of giving
loans/ guarantee/security by Group Companies is possible now. |
Section 188 of
Chapter XII – Related Party Transaction |
Whole Exemption
|
1. Does not include Holding,
Subsidiary, Associate Company and sister concern(subsidiary of holding) in the definition of Related Party (Section – 2(76))
2. Member
although being related party to the concerned resolution can still cast his vote at General Meeting. |
1. Transactions
between Holding & Subsidiary companies shall not be considered as Related Party transactions and they are not required to comply with the requirements of Section –
188.
2. Now
in case company enters into any contract/ arrangement with a member who is related party, that member can still cast his vote in General meeting on the said resolution. |
Section 62 (1) (a)
& 62
(2) of Chapter IV (Further issue of capital) |
Words “not being less than fifteen
days and not exceeding thirty days” shall be substituted with “not being less than seven days and not exceeding fifteen days” |
Sending
of offer letter minimum 3 days period before opening of offer
AND
Minimum & maximum offer
period of 15 & 30 days respectively
Can be reduced,
if 90%
member give
their consent in writing/electronic mode |
Where
there is any emergency, time limit can be reduced with the consent of shareholders |
Section 160
&
162 of
Chapter
XI
Section 160 – Right of persons other than retiring
directors
to stand for directorship Section 162 – Appointment of directors to be voted individually |
Whole Exemption
|
These Sections
shall not apply to Private Companies |
Section 160: Amount of Rs. 1
Lakh
need not be deposited by the person who has submitted his candidature to be appointed as director before 14 days of the date of General Meeting.
Section 162: More than
One director can be appointed by single resolution |
Section 101–107
& 109
of Chapter VII- Section 101 – Notice of Meeting
Section
102– Statement to be annexed to notice
Section
103– Quorum for meeting
Section 104
– Chairman of Meeting. |
Partial Exemption: These exemptions shall apply unless otherwise provided in the respective sections ;
OR
Unless Articles of Companies provide alternatives
|
These Sections
shall not apply to Private Companies |
Now Private Companies may override the below mentioned provisions by
its articles:-
(i) Alter
the content &
length of notice
(ii) Reduce quorum below 2
(iii) Increase
the time limit of more than 48 hours for depositing Proxy form before the date of meeting of the Company |
Section 43 of
Chapter IV– Kinds of Share Capital
Section 47–
Voting Rights. |
Whole Exemption
|
Section – 43,
47 shall not apply where memorandum or articles of association of the private company so provides |
Where
the Memorandum of Association or Articles of Association provides the Kinds of share Capital (Section – 43) and Voting Rights (Section – 47) otherwise than so prescribed, then provisions provided in Memorandum of Association or Articles of Association shall prevail. |
Section 196 (4) Section
196 (5) of Chapter XIII– Appointment of MD, Whole time Director or Manager. |
Whole Exemption
|
This Section shall not apply to Private Companies
|
Now Whole Time Director, Managing
Director or Manager can be appointed by directors on terms and conditions and remuneration as fixed by directors.
It does not require
any ratification by Shareholders in the General Meeting of Company and approval by the Central Government. |
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ANALYSIS OF SECRETARIAL STANDARDS -2
shall be given to every Member of the
Trustees, if any, and, wherever applicable or so required, to other specified persons.
website.
Meetings shall be called during business hours, i.e., between 9 a.m. and 6 p.m., on a day that is not a National Holiday. A Meeting called by the requisitionists
shall be convened only on a working day.
of the Meeting.
the
Notice and the day of Meeting
shall not be counted. Further
in case the company sends the Notice by post or courier, an additional two days shall be
provided for the service of Notice.
specifically permitted under the Act shall be taken up at the Meeting.
an authorized representative of
more
than one body corporate. In such a case, he is treated as more than one Member present in
person for the purpose of Quorum.
convened upon due Notice shall not be postponed or cancelled.
days
intimation to the Members. The intimation shall be either sent individually in the manner stated in this Standard or published in a vernacular newspaper in
the
principal vernacular language of the district in which the registered office of
the
company is situated,
and
in an English newspaper in English language, both
having a wide circulation in that district.
General Meetings of the company
and
shall have the right to be heard at such
Meetings on that part of the business which concerns them as Auditors.
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Frequently Asked Questions on NBFCs
-
Asset Finance Company(AFC) : An AFC is a company which is a financial institution carrying on as its principal business the financing of physical assets supporting productive/economic activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and material handling equipments, moving on own power and general purpose industrial machines. Principal business for this purpose is defined as aggregate of financing real/physical assets supporting economic activity and income arising therefrom is not less than 60% of its total assets and total income respectively.
-
Investment Company (IC) : IC means any company which is a financial institution carrying on as its principal business the acquisition of securities,
-
Loan Company (LC): LC means any company which is a financial institution carrying on as its principal business the providing of finance whether by making loans or advances or otherwise for any activity other than its own but does not include an Asset Finance Company.
-
Infrastructure Finance Company (IFC): IFC is a non-banking finance company a) which deploys at least 75 per cent of its total assets in infrastructure loans, b) has a minimum Net Owned Funds of Rs. 300 crore, c) has a minimum credit rating of ‘A ‘or equivalent d) and a CRAR of 15%.
-
Systemically Important Core Investment Company (CIC-ND-SI): CIC-ND-SI is an NBFC carrying on the business of acquisition of shares and securities which satisfies the following conditions:-
(a) it holds not less than 90% of its Total Assets in the form of investment in equity shares, preference shares, debt or loans in group companies;
(b) its investments in the equity shares (including instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitutes not less than 60% of its Total Assets;
(c) it does not trade in its investments in shares, debt or loans in group companies except through block sale for the purpose of dilution or disinvestment;
(d) it does not carry on any other financial activity referred to in Section 45I(c) and 45I(f) of the RBI act, 1934 except investment in bank deposits, money market instruments, government securities, loans to and investments in debt issuances of group companies or guarantees issued on behalf of group companies.
(e) Its asset size is Rs 100 crore or above and
(f) It accepts public funds
-
Infrastructure Debt Fund: Non- Banking Financial Company (IDF-NBFC) : IDF-NBFC is a company registered as NBFC to facilitate the flow of long term debt into infrastructure projects. IDF-NBFC raise resources through issue of Rupee or Dollar denominated bonds of minimum 5 year maturity. Only Infrastructure Finance Companies (IFC) can sponsor IDF-NBFCs.
-
Non-Banking Financial Company – Micro Finance Institution (NBFC-MFI): NBFC-MFI is a non-deposit taking NBFC having not less than 85%of its assets in the nature of qualifying assets which satisfy the following criteria:
a. loan disbursed by an NBFC-MFI to a borrower with a rural household annual income not exceeding Rs. 60,000 or urban and semi-urban household income not exceeding Rs. 1,20,000;
b. loan amount does not exceed Rs. 35,000 in the first cycle and Rs. 50,000 in subsequent cycles;
c. total indebtedness of the borrower does not exceed Rs. 50,000;
d. tenure of the loan not to be less than 24 months for loan amount in excess of Rs. 15,000 with prepayment without penalty;
e. loan to be extended without collateral;
f. aggregate amount of loans, given for income generation, is not less than 75 per cent of the total loans given by the MFIs;
g. loan is repayable on weekly, fortnightly or monthly instalments at the choice of the borrower
-
Non-Banking Financial Company – Factors (NBFC-Factors): NBFC-Factor is a non-deposit taking NBFC engaged in the principal business of factoring. The financial assets in the factoring business should constitute at least 75 percent of its total assets and its income derived from factoring business should not be less than 75 percent of its gross income.
Category of NBFC having minimum NOF of Rs 200 lakhs
|
Ceiling on public deposit
|
AFC* maintaining CRAR of 15% without credit rating
|
1.5 times of NOF or Rs 10 crore whichever is less
|
AFC with CRAR of 12% and having minimum investment grade credit rating | 4 times of NOF |
LC/IC** with CRAR of 15% and having minimum investment grade credit rating
|
1.5 times of NOF
|
* AFC = Asset Finance Company ** LC/IC = Loan company/Investment Company |
Category of NBFC having NOF more
than Rs 25 lakh but less than Rs 200 lakh |
Revised Ceiling on public deposits
|
AFCs maintaining CRAR of 15% without credit rating
|
Equal to NOF
|
AFCs with CRAR of 12% and having minimum investment grade credit rating
|
1.5 times of NOF
|
LCs/ICs with CRAR of 15% and having minimum investment grade credit rating
|
Equal to NOF
|
-
The NBFCs are allowed to accept/renew public deposits for a minimum period of 12 months and maximum period of 60 months. They cannot accept deposits repayable on demand.
-
NBFCs cannot offer interest rates higher than the ceiling rate prescribed by RBI from time to time. The present ceiling is 12.5 per cent per annum. The interest may be paid or compounded at rests not shorter than monthly rests.
-
NBFCs cannot offer gifts/incentives or any other additional benefit to the depositors.
-
NBFCs (except certain AFCs) should have minimum investment grade credit rating.
-
The deposits with NBFCs are not insured.
-
The repayment of deposits by NBFCs is not guaranteed by RBI.
-
Certain mandatory disclosures are to be made about the company in the Application Form issued by the company soliciting deposits.
-
amount raised by way of share capital, or contributed as capital by partners of a firm;
-
amount received from a scheduled bank, a co-operative bank, a banking company, Development bank, State Financial Corporation, IDBI or any other institution specified by RBI;
-
amount received in ordinary course of business by way of security deposit, dealership deposit, earnest money, advance against orders for goods, properties or services;
-
amount received by a registered money lender other than a body corporate;
-
amount received by way of subscriptions in respect of a ‘Chit’.
-
amount received from the Central/State Government or any other source where repayment is guaranteed by Central/State Government or any amount received from local authority or foreign government or any foreign citizen/authority/person;
-
any amount received from financial institutions specified by RBI for this purpose;
-
any amount received by a company from any other company;
-
amount received by way of subscriptions to shares, stock, bonds or debentures pending allotment or by way of calls in advance if such amount is not repayable to the members under the articles of association of the company;
-
amount received from shareholders by private company;
-
amount received from directors or relative of the director of an NBFC;
-
amount raised by issue of bonds or debentures secured by mortgage of any immovable property or other asset of the company subject to conditions;
-
the amount brought in by the promoters by way of unsecured loan;
-
amount received from a mutual fund;
-
any amount received as hybrid debt or subordinated debt;
-
any amount received by issuance of Commercial Paper.
-
any amount received by a systemically important non-deposit taking non-banking financial company by issuance of ‘perpetual debt instruments’
-
any amount raised by the issue of infrastructure bonds by an Infrastructure Finance Company
-
Public deposits are unsecured.
-
A proper deposit receipt is issued, giving details such as the name of the depositor/s, the date of deposit, the amount in words and figures, rate of interest payable and the date of repayment of matured deposit along with the maturity amount. Depositor/s should insist on the above and also ensure that the receipt is duly signed and stamped by an officer authorised by the company on its behalf.
-
In the case of brokers/agents etc collecting public deposits on behalf of NBFCs, the depositors should satisfy themselves that the brokers/agents are duly authorized by the NBFC.
-
The Reserve Bank of India does not accept any responsibility or guarantee about the present position as to the financial soundness of the company or for the correctness of any of the statements or representations made or opinions expressed by the company and for repayment of deposits/discharge of the liabilities by the company.
-
Deposit Insurance facility is not available to the depositors of NBFCs.
Name of rating agencies
|
Nomenclature of minimum investment
grade credit rating (MIGR) |
CRISIL | FA- (FA MINUS) |
ICRA | MA- (MA MINUS) |
CARE | CARE BBB (FD) |
FITCH Ratings India Pvt. Ltd. | tA-(ind)(FD) |
Brickwork Ratings India Pvt. Ltd. | BWR FBBB |
SMERA | SMERA A |
ADDRESSES OF REGIONAL COMPANY LAW BOARD
|
||||
S. No.
|
Region
|
Jurisdiction
|
Telephone No.
|
Fax No.
|
1.
|
Company Law Board
Principal Bench Paryavaran Bhawan B-Block, 3rd Floor C.G.O. Complex Lodhi Road, New Delhi – 110 003 |
All States & Union Territories
|
011 – 24366126
011- 24363451 011 – 24366125 011 – 24366123 |
011 – 24366126
|
2.
|
Company Law Board
New Delhi Bench Paryavaran Bhawan B-Block, 3rd Floor C.G.O. Complex Lodhi Road, New Delhi – 110 003 |
States of Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab, Rajasthan, Uttar Pradesh, Uttaranchal and Union Territories of Chandigarh.
|
011 – 24363671
011- 24363451 011 – 24366125 011 – 24366123 |
011 – 24366126
|
3.
|
Company Law Board
Kolkata Bench 9 Old Post Office Street 6th Floor, Kolkata – 700 001 |
States of Arunachal Pradesh, Assam, Bihar, Manipur, Meghalaya, Nagaland, Orissa, Sikkim, Tripura, West Bengal, Jharkhand and Union Territories of Andaman and Nicobar Island and Mizoram.
|
033 – 22486330
|
033 – 22621760
|
4.
|
Company Law Board
Mumbai Bench N.T.C. House, 2nd Floor, 15 Narottam Morarjee Marg, Ballard Estate, Mumbai – 400 038 |
States of Goa, Gujarat, Madhya Pradesh, Maharashtra, Chhattisgarh and (Union Territories of Dadra and Nagar Haveli and Daman and Diu)
|
022 – 22619636/
022 – 22611456 |
022 – 22619636
|
5.
|
Company Law Board
Chennai Bench Corporate Bhawan (UTI Building), 3rd Floor, No. 29 Rajaji Salai, Chennai – 600001. |
States of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Union Territories of Pondicherry and Lakshadweep Island.
|
044 – 25262793
|
044 – 25262794
|
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Audited balance sheet of each financial year and an audited profit and loss account in respect of that year as passed in the annual general meeting together with a copy of the report of the Board of Directors and a copy of the report and the notes on accounts furnished by its Auditors;
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Statutory Quarterly Return on deposits – NBS 1;
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Certificate from the Auditors that the company is in a position to repay the deposits as and when the claims arise;
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Quarterly Return on prudential norms-NBS 2;
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Quarterly Return on liquid assets-NBS 3;
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Annual return of critical parameters by a rejected company holding public deposits – NBS4
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Half-yearly ALM Returns by companies having public deposits of Rs. 20 crore and above or asset size of Rs. 100 crore and above irrespective of the size of deposits holding
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Monthly return on exposure to capital market by deposit taking NBFC with total assets of Rs 100 crore and above–NBS6; and
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A copy of the Credit Rating obtained once a year
Category of Companies
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Regulator
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Chit Funds
|
Respective State Governments
|
Insurance companies
|
IRDA
|
Housing Finance Companies
|
NHB
|
Venture Capital Fund /
|
SEBI
|
Merchant Banking companies
|
SEBI
|
Stock broking companies
|
SEBI
|
Nidhi Companies
|
Ministry of corporate affairs, Government of India
|
CSGAURAV +919990694230
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All about NBFC Corporate Governance disclosures India by RBI latest 2015
|
CSGAURAV +919990694230
gauravdelhirav@gmail.com
http://ift.tt/1DokPYq
Subscribe to CS GAURAV SHARMA by Email
from Blogger http://ift.tt/1HQBnyC
via IFTTT