Reserve Bank Cancels Certificate of Registration of Bhojwani Leasing and Finance Limited, Mumbai
Case Brief
On April 29, 2005, the Reserve Bank of India cancelled the certificate of registration of Bhojwani Leasing and Finance Limited, Mumbai, which had been granted for carrying on the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business. The release also says the company is prohibited from accepting deposits and from alienating assets, under Sections 45MB(1) and 45MB(2) of the RBI Act, 1934.
The Reserve Bank of India cancelled the certificate of registration granted to Bhojwani Leasing and Finance Limited on April 29, 2005 for carrying on the business of a non-banking financial institution. The release states that, following cancellation, the company cannot transact NBFC business and has been prohibited from accepting deposits and alienating assets. The order cites Section 45IA of the RBI Act, 1934 as the source of RBI’s power to cancel the registration certificate, and Sections 45MB(1) and 45MB(2) for the deposit-acceptance and asset-alienation prohibitions.
Severity Assessment
Cancellation of an NBFC’s certificate of registration is a full licence cancellation, which maps to severity 5.
Bhojwani Leasing and Finance Limited must stop operating as a non-banking financial institution and cannot accept deposits or dispose of its assets. The action directly affects the company and protects depositors and counterparties from further NBFC activity by the firm.
Published as Bhojwani Leasing and Finance Limited
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