Reserve Bank Cancels Certificate of Registration of M/s. Perfect Holdings Limited, Surendranagar
Case Brief
On December 17, 2004, the Reserve Bank of India cancelled the Certificate of Registration issued to M/s. Perfect Holdings Ltd., whose registered office is in Surendranagar. The order was issued under Section 45IA of the RBI Act, 1934, which gives RBI the power to cancel the registration certificate of a non-banking financial company. This action removes the company’s authorization to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration issued to M/s. Perfect Holdings Ltd., Surendranagar, on December 17, 2004. The cancellation was exercised under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company carrying on the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration cancellation, which is severity 5.
Perfect Holdings Ltd. can no longer carry on the business of a non-banking financial institution. The cancellation is a full regulatory stop on its NBFC activities, affecting the company and any customers or counterparties relying on its regulated lending/financial operations.
Published as M/s. Perfect Holdings Ltd.
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