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Regitration of company

(Querist) 07 September 2010 This query is : Resolved 
A trust is registerd ubder Bombay P.T.Act,in Maharashtra .
Its objects are 1. Enterpruner development and to give financial aid to poor . 2. It receives foreign donation . 3. It is registered under FERCAct . It has 7 trustees Presently it has about 5000 clients to whome it has given loan .
Query : This trust now wants get converted in to banking company so that it can receive investment , donation etc . What will be the procedure ? How the present clients will be dealt with ?. What about registration under FERAct? Are there restrictons .Please advice .
Girish .

Uma parameswaran (Expert) 07 September 2010
You can enquire with the registrar which you already having registration .If they have no objection you can proceed for Banking Company registration.
DEFENSE ADVOCATE.-firmaction@g (Expert) 13 September 2010
No new banking co allowed as of now, you can start NBFC.


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