Reserve Bank Cancels Certificate of Registration of M/s Shri Subhlaxmi Finvest Limited, Surendranagar
Case Brief
On October 25, 2004, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s Shri Subhlaxmi Finvest Limited, whose registered office was in Surendranagar. The cancellation was issued under Section 45-IA of the Reserve Bank of India Act, 1934, and removes the company’s authority to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Shri Subhlaxmi Finvest Limited, Surendranagar, for carrying on the business of a non-banking financial institution. The action is taken under Section 45-IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which carries severity 5.
M/s Shri Subhlaxmi Finvest Limited is prohibited from transacting NBFC business going forward. The restriction directly affects the company’s operations and any customers or counterparties relying on its non-banking financial activities.
Published as M/s Shri Subhlaxmi Finvest Limited
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