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February 2011

Submission of balance sheet and profit & loss account by NBFCs — Notification No. DNBS.217/CGM (US)-2010, dated 1-12-2010.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
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Part D : company law


Changes relating to Company
Law for the period 15th Dcember, 2010 to 15th January, 2011.

63 Submission of balance
sheet and profit & loss account by NBFCs — Notification No. DNBS.217/CGM
(US)-2010, dated 1-12-2010.

The RBI has issued
Notification amending the non-banking financial (deposit Accepting) companies
Prudential Norms Direction, 2007 and non-banking financial (Non-Deposit
Accepting) companies Prudential Norms Direction, 2007 and providing that every
NBFC shall finalise its balance sheet and profit and loss account as on March 31
every year within a period of 3 months from the date to which it pertains. For
example, balance sheet as on March 31st of a year shall be finalised by June
30th of the year.

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