Micro Finance/Micro Credit as an object in the Object Clause of Memorandum of Association (MoA) of Section 8 companies registered under the Companies Act, 2013-Clarification

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....jendra Prasad Road, New Delhi-I Dated:-30.05.2022 To The DGCoA, All Regional Directors, All Registrar of Companies, ROC, CRC, Manesar Subject: Micro Finance/Micro Credit as an object in the Object Clause of Memorandum of Association (MoA) of Section 8 companies registered under the Companies Act, 2013-Clarification-reg. Sir/ Madam, It has been observed that various section 8 companies ar....

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.... contained in the letters issued earlier by the Ministry on this subject. Further, the ROCs shall also circulate these directions to all the officers/ officials to ensure due examination in accordance with law, while processing e-forms relating to Incorporation of Companies and Change in Objects. 4. This issues with the approval of the Secretary, Corporate Affairs. Encl.: As above. Yours faithf....

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....id down in the RBI's Non-Banking Financial Company -Micro Finance Institutions (Reserve Bank) Directions of 2011 and therefore, it has been decided with the approval of the competent Authority not to allow name or incorporation of Section 8 containing words "Micro-finance". 2. This issues with the approval of Secretary, MCA. Yours faithfully, (KMS Narayanan) Deputy Director Tel....

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....Company -Micro Finance Institutions (Reserve Bank) Directions of 2011. However, it is now seen that a practice is being followed wherein companies are being incorporated without including micro-finance activities in main objects and later main objects of the company are being amended by inclusion of micro-finance activities by altering MOA. Therefore, ROCs are hereby directed not to allow any such....