Reserve Bank Cancels Certificate of Registration of M. G. Kalyan Leafin & Investments Ltd., Hyderabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M. G. Kalyan Leafin & Investments Limited, whose registered office is in Hyderabad, on 2 February 2005. The cancellation was made under Section 45IA of the RBI Act, 1934, which authorizes RBI to cancel the registration certificate of a non-banking financial company. As a result, the company can no longer carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to M. G. Kalyan Leafin & Investments Limited, Hyderabad, thereby stopping it from carrying on the business of a non-banking financial institution. The release states that the cancellation was made under powers conferred by Section 45IA 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 complete licensing action and is severity 5 under the rubric.
M. G. Kalyan Leafin & Investments Limited loses its RBI registration and cannot continue NBFC business. The restriction is final unless separately reversed through a fresh regulatory process, and it directly affects the company’s ability to operate as a non-banking financial institution.
Published as M. G. Kalyan Leafin & Investments Limited
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