Micro finance company

[CS V Kartik]

Dear Professional colleagues,

Can a micro finance company be incorporated as a section 8 company ?

[Animesh Jha]

YES but subject to Licence Under Section 8.

Regards,  

Animesh Kumar Jha Team Gupta Sachdeva & Co. Chartered Accountants 0612 -2229000  |+91-7352709000 | +91- 9263667007 |  connec...@guptasachdeva.com  |  www.guptasachdeva.com |  Registered office:103, Jagat Trade Centre,Fraser Road,Patna - 800001

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On Mon, Feb 11, 2019 at 9:28 PM CS V Kartik <karv...@gmail.com> wrote:

Dear Professional colleagues,

Can a micro finance company be incorporated as a section 8 company ?

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[CS V Kartik]

Ok thanks

[Manoj Sharma]

Absolutely with some restrictions. I was planning to file RUN for name approval with the attached file. I have also confirmed with ROCs. UP ROC is denying the license but Rajasthan ROC was willing to give it.

[Vidhya Narasimhan]

How is this possible?  Micro finance company will not be a non profit organisation right?

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Thanks& Regards,

N. Srividhya,

Practising Company Secretary,

Chennai-87.

9791712781

[CS V Kartik]

I spoke to the person in ROC who issued me the section 8 licence recently (for another case) where he said that micro finance company can incorporate itself as a section 8 company. But take care of the thereshold limits prescribed by RBI. Secondly whatever interest income is earned should be utilised towards charity objects but not for their own benefit

[CS YUMLEMBAM PUINACHANDRA]

Can u share me the drafted moa sec.8 company fo micro finance business??

regards

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*CS Yumlembam Puinachandra Singh*
*ACS, M.Com, B.Com*

Practising Company Secretary

Iramsiphai awang Leikai
PO Wangoi, Imphal West - II
Manipur - 795009

# 9089171607/9962929389

[Manoj Sharma]

Attached is the first page of MOA of Microfinance section 8 Company.

On Monday, February 11, 2019 at 9:28:03 PM UTC+5:30, CS V Kartik wrote:

[CS YUMLEMBAM PUINACHANDRA]

there is no ATTACHMENT SO PLEASE SEND AGAIN.

regards

[Manoj Sharma]

Please find the attachment. You must also check question no. 7 @ http://www.mca.gov.in/MinistryV2/central+registration+centre+content+page.html

On Monday, February 11, 2019 at 9:28:03 PM UTC+5:30, CS V Kartik wrote:

[CS YUMLEMBAM PUINACHANDRA]

thanks for sharing

[Manoj Sharma]

any update on this topic.

[CS YUMLEMBAM PUINACHANDRA]

I have applied name through RUN but it got rejected. 

Received mail as following

Proposed name and objects includes "MICROFIN " which indicates finance activity, only section 8 can do the following
activity : promotion of commerce, art, science, sports, education, research, social welfare, religion, charity,
protection of environmentor any such other object, further Being a Section 8 can not do business of finance as per
section 8(1)(a) of the companies Act, 2013 hence remove such word from objects.

[CS V Kartik]

Yes it's been a challenge to get a name approach for such companies

[Manoj Sharma]

Show them QUESTION 7 of CRC FAQ and that the objective of microfinance is to do social welfare for the financially excluded sector of society. You may try the attached file. Please update again.

On Monday, February 11, 2019 at 9:28:03 PM UTC+5:30, CS V Kartik wrote:

[Manoj Sharma]

microfinance is necessary for the promotion of commerce and education of financially excluded sector.

[Manoj Sharma]

Also show them name of Section 8 Company previously registered with microfinance word shared in this thread.

 .6w+-

[Manoj Sharma]

Did your form approve?

On Monday, February 11, 2019 at 9:28:03 PM UTC+5:30, CS V Kartik wrote:

[CS YUMLEMBAM PUINACHANDRA]

No but rejected when I approached crc they refused to approve.

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[Manoj Sharma]

Can we ask the reasons through RTI.

On Monday, February 11, 2019 at 9:28:03 PM UTC+5:30, CS V Kartik wrote: