Reserve Bank Cancels Certificate of Registration of M/s. Ideal Commerce Limited, Ahmedabad
Case Brief
On December 31, 2004, the Reserve Bank of India cancelled the Certificate of Registration issued to M/s. Ideal Commerce Limited, Ahmedabad, for carrying on the business of a non-banking financial institution. RBI cited its powers under Section 45IA of the Reserve Bank of India Act, 1934, which governs registration and cancellation of NBFC certificates.
The Reserve Bank of India cancelled the Certificate of Registration issued to M/s. Ideal Commerce Limited, Ahmedabad, for carrying on the business of a non-banking financial institution. The release states that this action was taken under the powers conferred by Section 45IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which is severity 5 under the rubric.
M/s. Ideal Commerce Limited can no longer conduct non-banking financial institution business unless it obtains any fresh authorization that may be legally available. The cancellation directly affects the company’s ability to operate as an NBFC and removes its registration-based permission to carry on that business.
Published as M/s. Ideal Commerce Limited
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