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241 views2 pages

NBFC Minutes

Uploaded by

rickchak25
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF XYZ PRIVATE

LIMITED HELD ON THURSDAY, 19TH APRIL, 2007 AT 10:30 A.M. AT __________

7. RESTRICTION ON INVITING AND ACCEPTING DEPOSITS FROM


PUBLIC:

The Chairman informed the Board that one of the conditions of certificate of Registration under
section 45-IA of the RBI Act, 1934 for carrying on the business of non-banking financial
institution is that within 30 days of the beginning of each financial year the Board has to pass a
resolution to the effect that the Company has neither accepted public deposit nor would accept
any public deposit during the year. After discussion the following resolution was passed
unanimously:

“RESOLVED THAT pursuant to the provisions of Section 45-IA of the Reserve Bank of India
Act, 1934 and other applicable provisions, if any, of the Companies Act, 1956 and subject to the
terms and conditions of the Certificate of Registration issued under this section, the Company
has neither accepted any public deposit nor will accept any public deposits during the coming
year.”

8. APPROVAL OF FAIR PRACTICE CODE PURSUANT TO RBI GUIDELINES:

The Chairman informed the Board that in accordance with the requirements of RBI Circular No.
DNBS. (PD) CC No. 80/03.10.042/2005-06 dated September 28, 2006, the Company is required
to frame a Fair Practice Code as prescribed by the Reserve Bank of India. The Chairman then
placed before the Board a draft of the policy framed in accordance with the requirements, for
deliberation and requested the Board to consider and approve the same. The Board discussed the
matter and following resolutions were passed in this respect unanimously:

“RESOLVED THAT in terms of the Reserve Bank of India guidelines applicable to the
Company, the draft “Fair Practice Code”, as laid before the Board and initialed by the
Chairman for the purpose of identification, be and is hereby approved.

“RESOLVED FURTHER THAT a certified true copy of this Resolution alongwith a copy of
the “Fair Practice Code” be provided to the Reserve Bank of India under the hand of any
Director of the Company.”

9. DEMAND AND CALL LOAN POLICY PURSUANT TO RBI GUIDELINES:

The Chairman informed the Board that in accordance with paragraph 7 of Reserve Bank of India
Notification No. DNBS.193/DG (VL)-2007 dated February 22, 2007 on Revised Prudential
Norms for Non Deposit accepting Non Banking Finance Companies, every Non-Banking
Finance Company is required to frame and adopt a Demand/Call Loans Policy as prescribed by
the Reserve Bank of India. The Chairman then placed before the Board a draft of the policy
framed in accordance with the requirements, for deliberation and requested the Board to consider
and approve the same.

The Board discussed the matter and following resolutions were passed in this respect
unanimously:

“RESOLVED THAT in terms of the Reserve Bank of India guidelines applicable to the
Company, the draft “Demand and Call Loan Policy”, as laid before the Board and initialed by
the Chairman for the purpose of identification, be and is hereby approved.

RESOLVED FURTHER THAT a certified true copy of this Resolution along with a copy of
the “Demand and Call Loan Policy” be provided to the Reserve Bank of India under the hand
of any Director of the Company.”

MR. AAA
CHAIRMAN

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