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of <h1>Amendment clarifies Rule 11(2): 'business of financing industrial enterprises' in section 186(11)(a) includes NBFC and IFSC finance activities</h1> The amendment revises Rule 11(2) under the Companies (Meetings of Board and its Powers) Rules to clarify that for section 186(11)(a) the phrase 'business of financing industrial enterprises' includes: (i) for a Non-Banking Financial Company registered with the central banking regulator, lending, guaranteeing or securing loans in the ordinary course of business; and (ii) for a finance company registered with the International Financial Services Centres Authority, specified activities under its regulations when carried out in the ordinary course of business. The rules take effect on publication in the Official Gazette.
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