https://www.taxtmi.com/caselaws?id=109623 Refusal of registration under the non-banking financial company framework, followed by dismissal of the statutory appeal, left the company disqualified to carry on that business, so the Reserve Bank could seek winding up under section 45-MC. The company could not rely on its memorandum of association to continue where its real business depended on public deposits and was no longer legally permissible, and residual objects did not prevent liquidation. A separate repayment arrangement under Company Law Board directions also did not bar winding up, because the liquidation scheme would take over once winding up was ordered. en-us Fri, 11 Jul 2003 00:00:00 +0530 Wed, 11 Apr 2012 11:04:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109623 Refusal of registration under the non-banking financial company framework, followed by dismissal of the statutory appeal, left the company disqualified to carry on that business, so the Reserve Bank could seek winding up under section 45-MC. The company could not rely on its memorandum of association to continue where its real business depended on public deposits and was no longer legally permissible, and residual objects did not prevent liquidation. A separate repayment arrangement under Company Law Board directions also did not bar winding up, because the liquidation scheme would take over once winding up was ordered. Case-Laws Companies Law Fri, 11 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109623