https://www.taxtmi.com/caselaws?id=106860 A non-banking financial company may be wound up under section 45MC of the Reserve Bank of India Act, 1934 where it persistently defaults in repaying matured deposits, fails to comply with repayment directions, and remains unable to meet liabilities. Refusal of registration under section 45-IA, coupled with a prohibition on accepting deposits, supports the finding that the company is disqualified from carrying on non-banking financial business. On these facts, the continued operation of the company was treated as detrimental to depositors and public interest, and winding up was held to be justified. en-us Mon, 05 Nov 2001 00:00:00 +0530 Fri, 16 Mar 2012 10:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106860 A non-banking financial company may be wound up under section 45MC of the Reserve Bank of India Act, 1934 where it persistently defaults in repaying matured deposits, fails to comply with repayment directions, and remains unable to meet liabilities. Refusal of registration under section 45-IA, coupled with a prohibition on accepting deposits, supports the finding that the company is disqualified from carrying on non-banking financial business. On these facts, the continued operation of the company was treated as detrimental to depositors and public interest, and winding up was held to be justified. Case-Laws Companies Law Mon, 05 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106860