Reserve Bank cancels the certificate of registration
Case Brief
The Reserve Bank of India cancelled the certificate of registration of three companies under Section 45 IA of the RBI Act, 1934. The affected entities are Twin Cities Investments & Finances Limited, Parasnath Fin-Sec Pvt. Ltd., and Sri Ramalingeshwara Leasing & Autofin Pvt. Ltd. Following cancellation, the companies are barred from transacting business as non-banking financial institutions under the Act.
The Reserve Bank of India exercised its powers under Section 45 IA of the RBI Act, 1934 to cancel the certificate of registration issued to three companies carrying on the business of a non-banking financial institution. The named entities are Twin Cities Investments & Finances Limited, Parasnath Fin-Sec Pvt. Ltd., and Sri Ramalingeshwara Leasing & Autofin Pvt. Ltd. As a result, they are no longer permitted to transact the business of an NBFC as defined in Section 45 I(a).
Severity Assessment
Cancellation of the certificate of registration is a licence cancellation, which is severity 5.
The three companies must stop conducting NBFC business immediately and cannot legally continue non-banking financial institution საქმიან. Customers and counterparties should not rely on them to originate or carry on NBFC activities after the cancellation.
Published as Twin Cities Investments & Finances Limited
Published as Sri Ramalingeshwara Leasing & Autofin Pvt. Ltd.
Published as Parasnath Fin-Sec Pvt. Ltd.
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