(v) SIFCL shall ensure 100% compliance with KYC norms for all new deposits.
(vi) SIFCL shall subject to (i) (ii) (iii) above, strictly comply with the requirements of all the applicable provisions of the RBI Act, the directions, guidelines, instructions and circulars issued by RBI there-under from time to time until such time as all the deposits are repaid with interest in full. For repaying the depositors, SIFCL shall first apply its income and investments other than the investments it is required to maintain under paragraph 6 of RNBC Directions.
(vii) SIFCL shall, without prejudice to the above, be entitled to carry on its other business activities in accordance with law.
(viii) SIFCL shall submit a comprehensive business plan before the close of business on 16th August 2008.”
RBI has incorporated in its order, the offer made during the personal hearing by the Managing Worker & Chairman of SIFCL and the senior executives of SIFCL. Keeping in view quality corporate governance, they offered to (a) reconstitute the Board of Directors of SIFCL within a period of thirty days from June 16, 2008 so that the Board shall consist of 50% of such independent directors as are acceptable to Reserve Bank of India; (b) get the appointment of these independent directors ratified at the ensuing Annual General Meeting of the company and to continue the said arrangement till such time as all depositors are repaid in full; and (c) appoint statutory auditors from the panel of auditors suggested by Reserve Bank of India at the ensuing Annual General Meeting of the company envisaged by August 31, 2008 and to continue to appoint statutory auditors each year from the panel suggested by Reserve Bank of India till all depositors are repaid in full.
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