https://www.taxtmi.com/caselaws?id=106287 A non-banking financial company that was denotified from NIDHI status, lacked the required registration to continue its activity, and remained under a restraint on accepting deposits was found to have satisfied the conditions for winding up under section 45MC of the Reserve Bank of India Act, 1934. Persistent non-compliance with Reserve Bank directions, failure to repay depositors, numerous complaints, and an adverse mismatch between liabilities and assets supported the conclusion that continuance of the business was detrimental to public interest and the interests of depositors. The company's failure to file a counter-affidavit or disclose a credible repayment plan further confirmed the absence of bona fide intent to meet depositor claims, and winding up was ordered with the official liquidator appointed. en-us Tue, 23 Apr 2002 00:00:00 +0530 Tue, 13 Mar 2012 15:38:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106287 A non-banking financial company that was denotified from NIDHI status, lacked the required registration to continue its activity, and remained under a restraint on accepting deposits was found to have satisfied the conditions for winding up under section 45MC of the Reserve Bank of India Act, 1934. Persistent non-compliance with Reserve Bank directions, failure to repay depositors, numerous complaints, and an adverse mismatch between liabilities and assets supported the conclusion that continuance of the business was detrimental to public interest and the interests of depositors. The company's failure to file a counter-affidavit or disclose a credible repayment plan further confirmed the absence of bona fide intent to meet depositor claims, and winding up was ordered with the official liquidator appointed. Case-Laws Companies Law Tue, 23 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106287