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NBFC (Non Banking Financial Companies) Takeover Procedure

Following is the Procedure for NBFC takeover.

Acquirer of NBFC can first go through the documents of the Target company and once Acquirer confirms the Acquisition of the said NBFC, MOU to be signed with some token money.
KYC Documents, Business Plan and Projection for three years to be prepared in reference to incoming directors as suggested by the acquirer.
Submission of Documents those prepared to be submitted to the RBI were the registered office of the company is located.
Coordinating with and replying to all RBI queries raised for the purpose of takeover.
After getting RBI approval letter to issue public notice in the two newspapers for 30 days as per the RBI regulations indicating such change of management and inviting any objections if any from the public or any interested parties.
Signing of Share Purchase Agreement and handing over of change of management, payment of remaining considerations etc to be carried out on 31st day of newspaper notice or as mutually agreed by all the parties.

General Terms and Condition

Please note that, all assets as shown in the target company balance sheet will be liquidated and liabilities will be paid off and Acquirer will get neat and clean bank balance in the name of company which will be calculated as networth as on the date of takeover and which will also be taken over by the concerned acquirer after acquisition of the said Non Banking Financial Company.
As per our experience time required for getting RBI approval for change of management of the NBFC (Non Banking Financial Companies) will take 3 to 4 Months approximately.
Credential of incoming Acquirer's is one of the most important criteria in addition to track record of the company present status with RBI for getting RBI Approval for change of management.