Micro Finance/Micro Credit as an object in the Object Clause of Memorandum of Association (MoA) of Section 8 companies registered under the Companies Act, 2013-Clarification
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Microfinance objects restriction: include microcredit in company objects only if RBI net owned fund and related requirements are satisfied. ROCs are directed not to permit incorporation of Section 8 companies with microfinance objects or subsequent alteration of main objects to include microfinance unless the company complies with the Net Owned Fund and other requirements laid down in the RBI Directions for NBFC MFIs; ROCs must examine incorporation and change of object filings to prevent circumvention.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Microfinance objects restriction: include microcredit in company objects only if RBI net owned fund and related requirements are satisfied.
ROCs are directed not to permit incorporation of Section 8 companies with microfinance objects or subsequent alteration of main objects to include microfinance unless the company complies with the Net Owned Fund and other requirements laid down in the RBI Directions for NBFC MFIs; ROCs must examine incorporation and change of object filings to prevent circumvention.
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