Reserve Bank Cancels Certificate of Registration of Al-Ameen Islamic Financial & Investment Corporation (India) Ltd.
Case Brief
On 29 January 2005, the Reserve Bank of India cancelled the Certificate of Registration of Al-Ameen Islamic Financial & Investment Corporation (India) Ltd., Bangalore, under Section 45IA of the RBI Act, 1934. As a result, the company cannot carry on the business of a non-banking financial institution. RBI also prohibited it from accepting deposits until further orders and from alienating assets without prior written permission, invoking Section 45MB(1) and 45MB(2).
The Reserve Bank of India cancelled the Certificate of Registration granted to Al-Ameen Islamic Financial & Investment Corporation (India) Ltd. on 29 January 2005 for carrying on the business of a non-banking financial institution. The release states that, following cancellation, the company cannot transact the business of a non-banking financial institution. It also notes prohibitions on acceptance of deposits until further orders and on alienation of assets without prior written permission of RBI, citing Section 45IA and Section 45MB(1) and (2) of the RBI Act, 1934.
Severity Assessment
Cancellation of the Certificate of Registration is a licence cancellation, which carries severity 5 regardless of additional restrictions.
The company loses its ability to operate as an NBFC and must stop non-banking financial business. It may not accept deposits, and it cannot sell or otherwise alienate assets without prior RBI written permission. Affected parties include customers, depositors, and counterparties dealing with the company.
Published as Al-Ameen Islamic Financial & Investment Corporation (India) Ltd.
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