Section Section 45
IA become disqualified to carry on the business of a non-banking financial insti
section 45-IA become disqualified to carry on the business of a non-banking financial institution; OI has been prohibited by the Bank from recei ving deposit by an order and such order has been in force for a period of not less than three months; Or the continuance of the non-banking financial company is detrimental to the public interest O to the interest of depositors of the company, may file an application for winding up of such non-banking financial company under the Companies Act; 1956 (1 of 1956). (2) A_ non-banking financial company shall be deemed to be unable to pay its debt if it has refused O1 has failed to meet within five working days any lawful demand made at any to its offices or branches and the Bank certifies in writing that such company is unable to pay its debt.
Ins. by Act 23 of 2019,s. 140 (w.e.f: 9-8-2019)_
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(3) A copy of every application made by the Bank under sub-section (1) shall be sent to the Registrar of Companies. All the provisions of the Companies Act; 1956 (1 of 1956) relating to winding up of a company shall apply to winding up proceeding initiated on the application made by the Bank under this provision.] 4SN. Inspection: _'[(1) The Bank may, at any time, cause an inspection to be made by one or more of its officers or employees or other persons (hereafter in this section referred to as the inspecting authority) of any non-banking institution, including a financial institution, for the purposes of verifying the correctness or completeness of any statement; information O particulars furnished to the Bank O for the purpose of obtaining any information or particulars which the non-banking institution has failed to furnish on being called upon to do so; O (ii) of any non-banking institution being a financial institution, if the Bank considers it necessary or expedient to inspect that institution ] (2) It shall be the duly of every director Or member of any committee o other body for the time being vested with the management of the affairs of the non-banking institution or other officer or employee thereof to produce to the inspecting authority all such books, accounts and other documents in his custody OT power and to furnish that authority with any statements and information relating to the business of the institution as that authority may require of him, within such time as may be specified by that authority: (3) The inspecting authority may examine on oath any director O member of any committee or body for the time being vested with the management of the affairs of the non-banking institution or other officer or employee thereof, in relation to its business and may administer an oath accordingly. 2[4SNA. Deposits not to be solicited by unauthorised person:-~No person shall solicit on behalf of any non-banking institution either by publishing or causing to be published any prospectus or advertisement or in any other manner deposits of money from the public unless he has been authorised in writing by the said non-banking institution to do so and specifies the name of the institution which has so authorised him; and b the prospectus or advertisement complies with any order made by the Bank under
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