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About Us

Anil Agarwal & Associates

Anil Agarwal & Associates is a well established firm of consultancy services towards assisting rules, regulations and Takeover laws relating to Non Banking Financial Companies. As if now we have assisted our clients on 14 NBFC Takeover transaction from assisting the client to locate the company till completion of rules and regulations under RBI norms to get approval for the same by complying with all rules and regulations.
Contact us to get assistance in understanding any rule, regulations or procedure relating to Non Banking Financial Companies general norms or takeover procedures.

Requirement to obtain prior approval of Reserve Bank of India for acquisition or transfer of control of NBFCs

(i) The prior written permission of the Reserve Bank of India shall be required for –

a) any takeover or acquisition of control of an NBFC, which may or may not result in change of management;

b) any change in the shareholding of an NBFC, including progressive increases over time, which would result in acquisition/ transfer of shareholding of 26 per cent or more of the paid up equity capital of the NBFC.

Provided that, prior approval would not be required in case of any shareholding going beyond 26% due to buyback of shares/ reduction in capital where it has approval of a competent Court. The same is to be reported to the Bank not later than one month from its occurrence;

c) any change in the management of the NBFC which would result in change in more than 30 per cent of the directors, excluding independent directors.

Provided that, prior approval would not be required in case of directors who get re-elected on retirement by rotation.

(ii) Notwithstanding clause (i), NBFCs shall continue to inform the Reserve Bank regarding any change in their directors/ management as required in Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998, Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015 and Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015.