Mindlessly_Legal

Non-banking financial companies are scripting tale of success for many businesses in entrepreneur spirit of India, they have been providing the complementary services to the economy and competing with banks to reduce the gap in the supply of funds. Introduction: A Non-Banking Financial Company (NBFC) caters to the needs of society by engaging in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business. It channelizes the funds to the business left out by the banking system. NBFC plays a primary role in the development of MSME, Infrastructure development and keeping the entrepreneurial spirit alive by Providing loans: car, personal, education, home, micro-finance, and capital to start small business. They are regulated and governed by the rules and regulations of RBI, registered under the provision of the Companies Act 1956. SEBI and IRDAI are two different supervising authorities in India. Need for Regulation...

Purpose of Meetings: Meetings in a company provide a platform for directors and shareholders to discuss and develop strategies for growth and development. These meetings serve essential functions, including controlling company affairs, preparing future policies, scrutinizing current policies, and more. Statutory Meeting: The first meeting of the company, held once during its lifetime, is known as the Statutory Meeting. Not all companies are eligible to hold such meetings, as only companies limited by shares or guarantee with share capital are permitted to do so. Private companies, regardless of their ownership structure, public companies without share capital, unlimited companies, and government companies are not eligible. The Statutory Meeting must be held after one month but not later than six months from the receipt of the certificate of commencement of business. Notice of the meeting must be given to directors and shareholders at least 21 days prior to the meeting. The purpose ...