Non banking financial company(nbfc) applicabilty

Dinesh Jangid (Querist) 10 September 2014 This query is : Resolved
Dear sir my query is
if a company fall in principal business criteria for NBFC during the year i.e. is its Financial assets exceeds 50%(loans and advances) of its total assets and its income form financial assets (loans and advances) exceed 50% of its total income and if company did not get Certificate of Registration form RBI so far, than what steps have to take by company?
Is company have to stop operation and take COR as NBFC?
Is there any non compliance's or if yes than effect and remedy available to company?
Please provide if any relating provison.

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T. Kalaiselvan, Advocate (Expert) 16 September 2014
Take the advise of a local auditor or a financial consultant for a proper opinion.

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