Reserve Bank Cancels Certificate of Registration of Chopra and Cheema Bros.Finlease Private Limited, New Delhi
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Chopra and Cheema Bros.Finlease Private Limited, which had its registered office in New Delhi, on February 5, 2005. The company was registered to carry on the business of a non-banking financial institution. The cancellation was issued under Section 45IA of the Reserve Bank of India 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 issued to Chopra and Cheema Bros.Finlease Private Limited under Section 45IA of the RBI Act, 1934. The release states that the certificate was cancelled because it had been issued for carrying on the business of a non-banking financial institution, and RBI has the power under Section 45IA to cancel such registration certificates.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a full license cancellation, which maps to severity 5.
The company can no longer operate as a registered NBFC. Counterparties, borrowers, and other stakeholders should treat the firm as having lost its RBI registration, with no continuing permission to conduct non-banking financial business under that certificate.
Published as Chopra and Cheema Bros.Finlease Private Limited
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