Corporate Updates – 10-07-2015


RBI has revised the ‘Non-Banking Financial Companies (Approval of Acquisition or Transfer of Control) Directions, 2014’ which regulates the Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of Non-Banking Financial Companies (NBFCs). As per the new directions, prior approval of Reserve Bank shall be required for any takeover or acquisition of control of an NBFC, which may or may not result in change of management; any change in the shareholding of an NBFC, including progressive increases over time, which would result in acquisition/ transfer of shareholding of 26 per cent or more of the paid up equity capital of the NBFC and for any change in the management of the NBFC which would result in change in more than 30 per cent of the directors, excluding independent directors. Prior approval would not be required for those directors who get re-elected on retirement by rotation. All NBFCs shall submit an application, in the company letter head, for obtaining prior approval of the Bank along with the prescribed documents. Further a public notice of at least 30 days shall be given before effecting the sale of, or transfer of the ownership by sale of shares, or transfer of control, whether with or without sale of shares. Such public notice shall be given by the NBFCs and also by the other party or jointly by the parties concerned, after obtaining the prior permission of the Reserve Bank in at least one leading national and in one leading local (covering the place of registered office) vernacular newspaper. The directions contained above are applicable with immediate effect.


DGFT has launched the facility of online payment of application fees through Credit/Debit cards and electronic fund transfer from 53 Banks. As a measure of Trade Facilitation and Ease of Doing Business, DGFT has already operationalised the facility of Online filing of various applications by the exporters/importers under the Foreign Trade Policy (2015-20). Now with the online payment facility being available from 53 banks, as well as through Credit and Debit cards, it would be possible to apply online for e-IEC and benefits under various schemes under Foreign Trade Policy and to make online payment of required application fee.

News from NIRC of ICSI

1. Today, 10th July, 2015, NIRC invites you to join for Interactive Discussion on Secretarial Standards, at IFCI Auditorium, Ist Floor, IFCI Tower, 61, Nehru Place, New Delhi- 110019 from 3:30 Pm to 5:45 pm. No Participation Fee. PCH – 2.

2. NIRC of ICSI is organizing a Chandigarh State Conference on the theme “The COMPANIES ACT 2013 – A Catalyst for Excellence in Governance” on Saturday, the 11th July, 2015 at Hotel Shivalik View, Sector-17, Chandigarh. Fees for Corporate Members of NIRC & Chandigarh Chapter : Rs. 700/- & Rs. 1,250/- for Members & Students; PCH – 4.

Speak Your Mind