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Insertion of new section 45MBA.
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....n of this Act or any other law 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....
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....company that are critical to the functioning of the financial 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; ....
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....he existing amounts of the net owned fund of a non-banking financial company. It is further proposed 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 a....