{"id":1181,"date":"2019-08-02T08:55:27","date_gmt":"2019-08-02T08:55:27","guid":{"rendered":"https:\/\/lawyerinc.net\/learning\/?p=1181"},"modified":"2019-08-05T06:04:56","modified_gmt":"2019-08-05T06:04:56","slug":"nbfc-takeover-procedure","status":"publish","type":"post","link":"https:\/\/lawyerinc.net\/learning\/nbfc-takeover-procedure\/","title":{"rendered":"How to Takeover NBFC, Know Its Procedure"},"content":{"rendered":"\n<p>NBFC takeover means the purchase of a business entity by another. That is the acquirer Company will take over the target company which is being targeted to be acquired by the other company. It can be of two types either it is a kind of friendly takeover where the two companies mutually agree for the takeover or a secret takeover where the competitor companies try to take over another company without their consent or knowledge.<\/p>\n\n\n\n<p>NBFC stands for Non-Banking Financial\nCompany registered under the Companies Act, 1956 involved in the business of\nloans and advances, assets financing, investing. NBFCs are issued by the\ngovernment of India or local authorities.&nbsp;\nMany people think NBFCs same as that of banks. But NBFCs are somehow\ndifferent from the banks. NBFCs cannot accept demand deposits. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Deposit accepting NBFC<\/li><li>Non-Deposit accepting NBFC<\/li><\/ul>\n\n\n\n<p>In today&#8217;s scenario, mergers and takeovers are strongly making its presence. <a rel=\"noreferrer noopener\" aria-label=\"NBFCs takeovers (opens in a new tab)\" href=\"https:\/\/lawyerinc.net\/in\/nbfc-takeover\" target=\"_blank\">NBFCs takeovers<\/a> imply the purchase of one NBFC company by another company. Register NBFCs under the act can only undertake to acquire the control of other NBFCs. The takeover of NBFC is easier than the <a href=\"https:\/\/lawyerinc.net\/in\/nbfc-registration\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"registration of NBFC (opens in a new tab)\">registration of NBFC<\/a>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/lawyerinc.net\/learning\/nbfc-takeover-procedure\/#Advantages_of_NBFC_takeover\" title=\"Advantages of NBFC takeover\">Advantages of NBFC takeover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/lawyerinc.net\/learning\/nbfc-takeover-procedure\/#Disadvantages_of_NBFC_takeover\" title=\"Disadvantages of NBFC takeover\">Disadvantages of NBFC takeover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/lawyerinc.net\/learning\/nbfc-takeover-procedure\/#Documents_checklist_of_NBFC_takeover\" title=\"Documents checklist of NBFC takeover\">Documents checklist of NBFC takeover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/lawyerinc.net\/learning\/nbfc-takeover-procedure\/#Procedure_for_the_NBFC_takeover\" title=\"Procedure for the NBFC takeover\">Procedure for the NBFC takeover<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/lawyerinc.net\/learning\/nbfc-takeover-procedure\/#Requirements_of_the_prior_approval_of_RBI\" title=\"Requirements of the prior approval of\nRBI\">Requirements of the prior approval of\nRBI<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/lawyerinc.net\/learning\/nbfc-takeover-procedure\/#Requirements_of_the_prior_approval_without_the_consent_of_RBI\" title=\"Requirements of the prior approval\nwithout the consent of RBI\">Requirements of the prior approval\nwithout the consent of RBI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/lawyerinc.net\/learning\/nbfc-takeover-procedure\/#Scrutinization_of_the_NBFC_takeover_Certificate\" title=\"Scrutinization of the NBFC takeover\nCertificate\">Scrutinization of the NBFC takeover\nCertificate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/lawyerinc.net\/learning\/nbfc-takeover-procedure\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_NBFC_takeover\"><\/span><strong>Advantages of NBFC takeover<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>There is an increase in the profitability of the\ntarget company results in a decrease in the competition.<\/li><li>There is an increase in sales and revenues.<\/li><li>The distribution network expands, and there is\nan increase in the scale of the economy.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disadvantages_of_NBFC_takeover\"><\/span><strong>Disadvantages of NBFC takeover<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Amount paid during the takeover is less than the\nactual prices in most cases.<\/li><li>Conflicts in the new management.<\/li><li>Due to the merger of the employees of the two\ndifferent companies, things do not work easily.<\/li><li>These clashes reduce the morale of employees.<\/li><li>The target company&#8217;s hidden liabilities create\nfurther problems after the merger.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_checklist_of_NBFC_takeover\"><\/span><strong>Documents checklist of NBFC takeover<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any NBFC who wants to take over another\nNBFC needs to have the RBI approval.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Following are the necessary documents <\/li><li>Proposed\/Directors Information<\/li><li>Details regarding sources of funds of the proposed shareholders required for acquiring shares in the NBFC.<\/li><li>The directors\/shareholders issue a statement stating their no- association with any entity accepting deposits and with any entity which has been denied of Certificate of Registration by the RBI.<\/li><li>The proposed directors\/shareholders issue a statement specifying their non-criminal background as well as non-conviction under section 138 of the <a href=\"https:\/\/indiacode.nic.in\/bitstream\/123456789\/2189\/3\/A1881-26.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Negotiable Instruments Act (opens in a new tab)\">Negotiable Instruments Act<\/a>.<\/li><li>All proposed directors\/shareholders banker&#8217;s report.<\/li><li>The application should be submitted to the regional office of the department of non-banking supervision. The RBI may arise queries or ask for clarifications regarding various points mentioned in the application for approval.\u00a0 All the queries must be answered in the stipulated time in order to avoid undue delay in processing the application from the RBI. The time period of approval by RBI takes about 2-3 months depending upon the case.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_for_the_NBFC_takeover\"><\/span><strong>Procedure for the NBFC takeover<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/lawyerinc.net\/in\/nbfc-takeover\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"90\" src=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/08\/Looking-for-NBFC-Takeover.png\" alt=\"Looking for NBFC Takeover?\" class=\"wp-image-1203\" srcset=\"https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/08\/Looking-for-NBFC-Takeover.png 750w, https:\/\/lawyerinc.net\/learning\/wp-content\/uploads\/2019\/08\/Looking-for-NBFC-Takeover-300x36.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Requirements_of_the_prior_approval_of_RBI\"><\/span><strong>Requirements of the prior approval of\nRBI <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The takeover of NBFC or the possession of the\ncontrol, which may or may not results in the change in the management.&nbsp; The acquirer of the NBFC will first go\nthrough the documents of the target company, and when the acquirer confirms the\nacquisition of the NBFC to be a takeover, Memorandum of Understanding (MOU) is\nsigned with some token money.<\/li><li>Various planning like KYC documents, Business\nplan, and projection are prepared in advance for three years with reference to\nthe incoming directors as directed by the acquirer.<\/li><li>Submission of documents to the RBI where the\nregistered office of the company is located.<\/li><li>All the queries of the RBI must be replied that\nwere being raised for the purpose of a takeover.<\/li><li>Public notice is being issued in two newspapers\nafter getting RBI approval for 30 days prior to such sale of shares, or\ntransfer of control, whether with or without transfer.<\/li><li>Signing of the purchase agreement and handling\nover of change of management, remaining payments are carried on the 31st day of\nthe newspaper notice.<\/li><li>RBI approval is not required in case there is a\nchange in shareholding for more than 26%&nbsp;\nfor the reason of reduction in the share capital. This reduction will be\napproved by the competent authority.<\/li><li>If the change in the management due to the\nrotation of the directors goes beyond 30%,&nbsp;\nprior RBI&nbsp; consent in the form of\nwritten approval is required.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Requirements_of_the_prior_approval_without_the_consent_of_RBI\"><\/span><strong>Requirements of the prior approval\nwithout the consent of RBI <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The competent court will approve the change of\n26% in the share capital of the company, resulting from the buyback of shares\nor reduction in capital.<\/li><li>The RBI approval is not required for the change\nof 30% in the management due to the change in the independent Directors or by\nthe rotation of the directors on the board.<\/li><li>NBFCs Impact on the Indian Economy<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Scrutinization_of_the_NBFC_takeover_Certificate\"><\/span><strong>Scrutinization of the NBFC takeover\nCertificate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The regional office of the department of Non-Banking supervision will scrutinise the application, and if no query is found, the <a rel=\"noreferrer noopener\" aria-label=\"NBFC takeover (opens in a new tab)\" href=\"https:\/\/lawyerinc.net\/in\/nbfc-takeover\" target=\"_blank\">NBFC takeover<\/a> will be approved. In case if a query is found, a notice will be served. It takes approx. 3-4 months for the scrutinisation process after an application is being filed. One can seek the help of agencies dealing in NBFC takeover, reach us at <a href=\"https:\/\/lawyerinc.net\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">LawyerINC<\/a>.   <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NBFCs takeover is primarily governed by the\nRBI. The NBFCs takeover usually takes 45-60 days, and RBI ensures that the\nprocess of takeover should be systematic and comprehensive. The NBFCs takeover\nis growing these days due to the competitive scenario. The acquirer must be\nwell versed with all the information regarding the takeover in order to avoid\nany delay.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NBFC takeover means the purchase of a business entity by another. That is the acquirer Company will take over the target company which is being targeted to be acquired by the other company. It can be of two types either it is a kind of friendly takeover where the two companies mutually agree for the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NBFC Takeover Procedure : Mergers and Takeover of NBFC | LawyerINC<\/title>\n<meta name=\"description\" content=\"NBFC Takeover Procedure : The purchase of a business entity by another. 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