Reserve Bank Cancels Certificate of Registration of Haridas Finance and Leasing Limited, Secunderabad
Case Brief
On July 16, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Haridas Finance and Leasing Limited, whose registered office was in Secunderabad. The cancellation was made under Section 45-IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company engaged in the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to Haridas Finance and Leasing Limited under Section 45-IA of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and RBI has the power under that section to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a complete licensing withdrawal and is severity 5.
Haridas Finance and Leasing Limited is no longer permitted to carry on NBFC business under its RBI registration. The action directly affects the company and removes its authority to operate as a registered non-banking financial institution.
Published as Haridas Finance and Leasing Limited
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