What is NBFC License Cancellation
What are the circumstances in which NBFC License can be cancelled?
1)Failed to repay the deposits.
2)Have failed to meet the minimum net owned fund of Rs. 2 Cr.
3)The Operation of NBFC is likely not in the interest of Public at large.
4)Have willfully violated the provisions of the act.
5)Have not filled the require Annual/ Quarterly returns to RBI.
6)Failed to apply for C-Kyc and membership of CIC.
7)Ignorance with prohibitory orders of RBI.
8)Not carrying NBFC activity or working on papers with no actual borrowers.
2)An opportunity of being heard has not been given to the company.
3)Show cause notice issued by RBI and reply on time seeking extension has submitted well on time.
2)Write Petition article under section 226 can be filed before High Court.
2)Check your RBI returns.
3)Tax Audit Reports.
4)Quality test of Assets and Liability.
5)Minimum NOF of 2 Cr.
6)Adequate reason for