Regulatory Alerts2017-03-03 | Direction No. 2 of 2017Added · Updated
Microfinance Act Directions No. 02 of 2017: Structural Changes
Licensed Microfinance Companies must obtain prior written approval from the Monetary Board to form subsidiaries, sell or acquire business parts, amalgamate, or change their name. Approval from the Director is required for outsourcing most functions, altering share capital, selling assets valued over Rs. 1,000,000 below market value, changing Articles of Association, or resigning board members and the Chief Executive Officer.
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