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Anil Agrawal (Retired)     30 October 2008

Shops & Establishment Act

If a company has a registered office in a residential flat, does it have to obtain licence under S&Act and pay property tax and electricity charges at commercial rate? If it is a non-banking financial company and does not register with the RBI, what action can be taken against it for carrying out its business and by whom. RBI has confirmed in writing that it is registered with it yet it is not taking any action. I understand the compay/directors can be prosecuted and heavy fines imposed.


Learning

 3 Replies

Sankaranarayanan (Advocate)     31 October 2008

most of the non banking small institution are not regigetd with rbi . but it is must  to know by those who are borrow and keep deposits. but if we prove any default against  such firm then the law can give penilised and imposed

Manish Singh (Advocate)     01 November 2008

NBFC has to be registered with RBI otherwise the incorporation has no meaning of such companies if engaged in financial activities.


and yes you are liable to pay commercial taxes since it does not matter where you are doing your business at  but if do commercial activities you shall be taxed (which are applicable) accordingly.

Anil Agrawal (Retired)     01 November 2008

Will loans given by such NBFCs be treated as legally enforceable debt if they themselves re not regd with RBI?


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