Reserve Bank Cancels Certificate of Registration of M/s. Chillakuru Investments Private Limited, Hyderabad
Case Brief
On September 1, 2004, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Chillakuru Investments Private Limited, whose registered office was in Hyderabad. The action was taken under Section 45IA of the RBI Act, 1934. The release does not provide a detailed factual misconduct narrative; it only states the cancellation and the consequent loss of authority to carry on non-banking financial business.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Chillakuru Investments Private Limited under Section 45IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution / non-banking financial company. The release does not specify the underlying factual breaches or violations; it only states that, following cancellation, the company can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a full license cancellation, which carries severity 5 regardless of any separate fine.
The company is barred from transacting the business of a non-banking financial institution after the cancellation takes effect. This directly affects the entity and any customers or counterparties relying on its NBFC operations.
Published as M/s. Chillakuru Investments Private Limited
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