Reserve Bank cancels Certificate of Registration of Labham Finance Limited, Secunderabad
Case Brief
On June 20, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Labham Finance Limited, whose registered office was in Secunderabad. The cancellation was made under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company carrying on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration issued to Labham Finance Limited under Section 45IA of the RBI Act, 1934. The release states that the certificate was for carrying on the business of a non-banking financial institution, and notes RBI’s power to cancel the registration certificate of a non-banking financial company under that provision.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 licensing action because it removes the entity’s authorization to operate as an NBFC.
Labham Finance Limited can no longer carry on NBFC business unless it obtains the necessary regulatory approval anew. The cancellation is a direct operational stop on its regulated finance activity and affects the company, its customers, and counterparties dealing with it as an NBFC.
Published as Labham Finance Limited
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