- No licence shall be issued in the name of a Company or firm unless such company or firm is registered under the Indian Companies Act, 2013, Assam Co-operative Societies Act, 1949, the Societies Registration Act, 1960 or otherwise incorporated. When a licence has been granted to an unregistered private company or firm, licence should be issued in the names of the individuals as representing the corporate body and not the corporate body itself. No distinction shall be drawn for the legal liabilities among the individuals as representing the corporate body who will be jointly and severally responsible.