Reserve Bank Cancels Certificate of Registration of De Novo Leasing and Investments Limited, Dharwad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of De Novo Leasing and Investments Limited, Dharwad, on May 11, 2005. The company’s registration was issued for carrying on business as a non-banking financial institution, and the RBI said the cancellation followed the company’s decision to exit that business. As a result, the company cannot transact the business of a non-banking financial institution.
On May 11, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to De Novo Leasing and Investments Limited under Section 45IA of the RBI Act, 1934. The release states that the cancellation was because the company had opted to exit from the business of a non-banking financial institution. After cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration cancellation, which is severity 5.
De Novo Leasing and Investments Limited can no longer carry on non-banking financial institution business. The restriction is final unless the company seeks and obtains any fresh regulatory approval required for a different line of business.
Published as De Novo Leasing and Investments Limited
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