Section 4
Subs. by s. 161, ibid., for “the National Housing Bank” (w.e.f. 9-8-2019).
4. Subs. by s. 161, ibid., for “the National Housing Bank” (w.e.f. 9-8-2019).
1 [(1A) The 2 [Reserve Bank] may, on being satisfied that it is necessary so to do, in the public interest or in the interest of the depositors or for the purpose of proper assessment of the books of account, issue directions to any housing finance institution or any group of housing finance institutions or housing finance companies generally or to the auditors of such housing finance institution or institutions relating to balance -sheet, profit and loss account, disclosure of liabilities in the books of account or any matter relating thereto.]
(2) Where, in the case of a housing finance institution, being a company, the auditor has made, or intends to make a report to 3 [the National Housing Bank and the Reserve Bank] under sub-section (1), he shall include in his report under 4 [sub-section (2) of section 143 of the Companies Act, 2013 (18 of 2013)], the contents of the report which he has made, or intends to make, to 3 [the National Housing Bank and the Reserve Bank] .
5 [(3) Where the National Housing Bank is of the opinion that it is necessary so to do in the public interest or in the interest of the housing finance institution or in the interest of the depositors of such institution, 6 [it may at any time and shall, on being directed to do so by the Reserve Bank,] by order, direct that a special audit of the accounts of the housing finance institution in relation to any such transaction or class of transactions or for such period or periods, as may be specified in the order, shall be conducted and the National Housing Bank may appoint an auditor or auditors to conduct such special audit and direct the auditor or the auditors to submit the report to it.
(4) The remuneration of the auditors as may be fixed by the National Housing Bank, having regard to the nature and volume of work involved in the audit and the expenses of or incidental to the audit, shall be borne by the housing finance institution so audited.]
7 [ 8 [33A. Power of Reserve Bank to prohibit acceptance of deposit and alienation of assets . — (1) If any housing finance institution which is a company violates the provisions of any section or fails to comply with any direction or order given by the National Housing Bank or the Reserve Bank, under any of the provisions of this Chapter, the Reserve Bank may, by order, prohibit such housing finance institution from accepting any deposit.
(2) Notwithstanding anything to the contrary contained in any agreement or instrument or any law for the time being in force, the Reserve Bank on being satisfied that it is necessary so to do in the public interest or in the interest of the depositors, may direct the housing finance institution which is a company, against which an order prohibiting from accepting deposit has been issued, not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the National Housing Bank for such period not exceeding six months from the date of the order.]
33B. Power of National Housing Bank to file winding up petition . — (1) The National Housing Bank, on being satisfied that a housing finance institution which is a company,—
(a) is unable to pay its debt; or
(b) has by virtue of the provisions of section 29A become disqualified to carry on the business of a housing finance institution; or
(c) has been prohibited by 9 [the National Housing Bank or the Reserve Bank] from receiving deposit by an order and such order has been in force for a period of not less than three months; or
(d) the continuance of the housing finance institution is detrimental to the public interest or to the interest of depositors of the company, may file an application for winding up of such housing finance institution under the 10 [Companies Act, 2013 (18 of 2013)] .
1. Ins. by Act 15 of 2000, s. 16 (w.e.f. 12-6-2000).
2. Subs. by Act 23 of 2019, s. 161, for “National Housing Bank” (w.e.f. 9-8-2019).
3. Subs. by s. 161, ibid., for “the National Housing Bank” (w.e.f. 9-8-2019).
4. Subs. by Act 13 of 2018, s. 170, for "sub-section (2) of section 143 of the Companies Act, 2013 (18 of 2013)" (w.e.f. 1-6-2018).
5. Ins. by Act 15 of 2000, s. 16 (w.e.f. 12-6-2000).
6. Subs. by Act 23 of 2019, s. 161, for “it may at any time” (w.e.f. 9-8-2019).
7. Ins. by Act 15 of 2000, s. 17 (w.e.f. 12-6-2000).
8. Subs. by Act 23 of 2019, s. 162, for section 33A (w.e.f. 9-8-2019).
9. Subs. by s. 163, ibid., for “the National Housing Bank” (w.e.f. 9-8-2019).
10. Subs. by Act 13 of 2018, s. 171, for “Companies Act, 1956 (1 of 1956)” (w.e.f. 1-6-2018).
(2) A housing finance institution which is a company shall be deemed to be unable to pay its debt if it has refused or has failed to meet within five working days any lawful demand made at any of its offices or branches and the National Housing Bank certifies in writing that such company is unable to pay its debt.
(3) A copy of every application made by the National Housing Bank under sub-section (1) shall be sent to 1 [the Registrar of Companies and the Reserve Bank] .
(4) All the provisions of the Companies Act, 1956 (1 of 1956) relating to winding up of a company shall apply to a winding up proceeding initiated on the application made by the National Housing Bank under this provision.]
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