Reserve Bank Cancels Certificate of Registration of Mangal Pradeep Financial & Investment (India) Ltd., Bhubaneswar
Case Brief
On June 25, 2004, the Reserve Bank of India cancelled the Certificate of Registration of Mangal Pradeep Financial & Investment (India) Ltd., Bhubaneswar, which had been issued for carrying on the business of a non-banking financial institution. The action was taken under Section 45IA of the RBI Act, 1934. The release also notes that the company remains obliged to repay public deposits in accordance with the terms and conditions of the deposit contract.
The Reserve Bank of India cancelled the Certificate of Registration issued to Mangal Pradeep Financial & Investment (India) Ltd. under Section 45IA of the RBI Act, 1934, which authorises RBI to cancel the registration certificate of an NBFC/non-banking financial institution. The release does not specify any separate misconduct beyond the regulatory cancellation of the company’s registration to carry on NBFC business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a full licence cancellation, which maps to severity 5.
The company can no longer carry on NBFC business under its RBI registration. However, it must continue to repay public deposits according to the contractual terms, so depositors remain entitled to repayment as per those conditions.
Published as Mangal Pradeep Financial & Investment (India) Ltd.
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