From The Washington PostBy Cornel Ban and Kevin GallagherDecember 17, 2014 Cornel Ban...
Companies Act No. 1 Section 25 excerpt
(enacted in 1956)
Section 25 of the Companies Act No. 1 of 1956 consolidates and amends the law relating to companies and certain other associations in India. Non-Bank Financial Companies (NBFC)-Microfinance Institutions (MFIs) register under Section 25 of this act.
Section 25 allows non-profit companies to take the form of limited liability companies, and requires that such companies be licensed by the Central Government. The Central Government is also given the authority to regulate such companies.