Insertion of new section 45MBA.

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.... for the time being in force, the Bank may, if it is satisfied, upon an inspection of the Books of a non-banking financial company that it is in the public interest or in the interest of financial stability so to do for enabling the continuance of the activities critical to the functioning of the financial system, frame schemes which may provide for any one or more of the following, namely:-- (a....

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....ial system. (2) Without prejudice to the generality of the foregoing provisions, the scheme referred to in sub-section (1) may provide for-- (a) reduction of the pay and allowances of the chief executive officer, managing director, chairman or any officer in the senior management of the non-banking financial company; (b) cancellation of all or some of the shares of the non-banking financial ....

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....osed to insert new sections 45-ID and 45-IE in the Act so as to provide power to the Reserve Bank to remove directors of a non-banking financial company other than Government Company from office, and supersession of Board of Directors of a non-banking financial company, on certain grounds. It is also proposed to insert a new section 45MAA in the Act so as to provide power to Reserve Bank to take ....