A company begins carrying on the business of asset reconstruction without obtaining the statutory…
Because s.3(1) bars an asset reconstruction company from commencing or carrying on business without a certificate of registration, that registration is a statutory…
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A company begins carrying on the business of asset reconstruction without obtaining the statutory registration contemplated under Section 3 of the SARFAESI Act, 2002. Which statement is correct?
Answer and explanation
Correct answer B
Because s.3(1) bars an asset reconstruction company from commencing or carrying on business without a certificate of registration, that registration is a statutory pre-condition for the business, not optional, ratifiable afterward, or needed only once business has begun.