The Reserve Bank of India cancelled the Certificate of Registration of M/s. Vir Finlease Limited, whose registered office is at Memnagar, Ahmedabad, under Section 45IA of the RBI Act, 1934. The firm had been carrying on the business of a non-banking financial institution. Following the cancellation, it cannot transact the business of a non-banking financial institution.

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Quick Facts

Primary Impact: License cancellation
Entity Type: NBFC
Location: Ahmedabad, Gujarat
Order Date: 15 Sept 2004
Effective From: 15 Sept 2004
Entities Affected: 1

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Vir Finlease Limited, Ahmedabad, under Section 45IA of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and after cancellation it cannot transact that business.

Severity Assessment

Cancellation of an NBFC’s Certificate of Registration is a severity-5 licensing action because it prevents the entity from operating as an NBFC.

Impact

M/s. Vir Finlease Limited is barred from carrying on non-banking financial institution business after the cancellation. This directly affects the company’s ability to operate as an NBFC and any customers or counterparties relying on those services.

Regulatory Basis

Section 45IA of the Reserve Bank of India Act, 1934

Restrictions & Effective Timeline

Effective From: 15 Sept 2004

Affected Entities

M/s. Vir Finlease Limited
Published as M/s. Vir Finlease Limited
NBFC · Primary

Official RBI Source

View RBI Release Open Source PDF

RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.

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