Reserve Bank Cancels Certificate of Registration of Steel City Holdings Ltd., Visakhapatnam
Case Brief
On January 27, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Steel City Holdings Limited, with registered office in Visakhapatnam, for carrying on the business of a non-banking financial institution. The action was taken under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company.
The Reserve Bank of India cancelled the certificate of registration of Steel City Holdings Limited, Visakhapatnam, 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 RBI exercised its power to cancel the registration certificate of the NBFC.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a complete licensing action and is rated severity 5.
Steel City Holdings Limited is no longer permitted to operate as a non-banking financial institution. The cancellation affects the company directly and removes its RBI registration required for NBFC საქმიანություն.
Published as Steel City Holdings Limited
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