https://www.taxtmi.com/circulars?id=10900 The circular applies the primary object test to conclude that an erstwhile banking company whose principal purpose was banking is not covered by the exemption for companies established primarily for financing industries; incidental advances made post nationalisation do not remove the statutory restrictions on lending, and officers must ensure compliance with the prescribed lending limits for such post nationalisation money lending and financing transactions. en-us Fri, 25 Jun 1976 00:00:00 +0530 Fri, 17 Jun 2011 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10900 The circular applies the primary object test to conclude that an erstwhile banking company whose principal purpose was banking is not covered by the exemption for companies established primarily for financing industries; incidental advances made post nationalisation do not remove the statutory restrictions on lending, and officers must ensure compliance with the prescribed lending limits for such post nationalisation money lending and financing transactions. Circulars Companies Law Fri, 25 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10900