TaxTMI 
TaxTMI 
The applicant shall be a company registered under the Companies Act, 1956/ Companies Act 2013/ Registration of Companies (Sikkim) Act, 1961...
X X X X Extracts X X X X
X X X X Extracts X X X X
....gistration of Companies (Sikkim) Act, 1961. 2. The minimum Net Owned Funds (NOF) required for consideration as FFMC are as follows: Category Minimum NOF Single branch FFMC Rs.25 lakh Multiple branch FFMC Rs.50 lakh Note: The Net Owned Funds of applicants, other than banks, should be calculated as per the following. (a) Owned Funds: (Paid-up Equity Capital + Free reserves....
X X X X Extracts X X X X
X X X X Extracts X X X X
....onsidered for licensing as FFMC. 4. 'Fit and proper' criteria for directors: (a) The Board of the applicant should undertake a process of due diligence to determine the suitability of the person for appointment / continuing to hold appointment as a director on the Board, based upon qualification, expertise, track record, integrity and other 'fit and proper' criteria. For assessing inte....
X X X X Extracts X X X X
X X X X Extracts X X X X
....onstitute Nomination Committees to scrutinise the declarations. (d) Based on the information provided in the signed declaration, Nomination Committees should decide on the acceptance or otherwise and may make references, where considered necessary to the appropriate authority / persons, to ensure their compliance with the requirements indicated. (e) The provisions of Companies Ac....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ertificate from the Statutory Auditors certifying the Net Owned Funds as on the date of application. Copies of the audited Balance Sheet and Profit & Loss Account of the company for the last three years, wherever applicable. (d) Confidential Report from the applicant's banker in a sealed cover. (e) A declaration to the effect that no proceedings have been initiated by / are pendi....