Amendment redefines "business of financing industrial enterprises" under Section 186 to include routine NBFC and IFSC finance activities

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Full Text of the Document

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....The amendment revises a rule under the board-meetings powers to redefine "business of financing industrial enterprises" for section 186 purposes, expressly including: (i) for non-banking financial companies registered with the central bank, lending or providing guarantees/security for loans in the ordinary course of business; and (ii) for finance companies registered with the international financial services regulator, specified routine activities under that regulator's finance-company regulations. The rules take effect on publication in the Official Gazette and substitute the prior sub-rule.....