Reserve Bank Cancels Certificate of Registration of Automobile and General Finance Company Limited, Agra
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Automobile and General Finance Company Limited, Agra on June 25, 2005 under Section 45-IA of the RBI Act, 1934. Following the cancellation, the company is no longer permitted to carry on NBFC business. RBI additionally prohibited the company from accepting deposits and from alienating its assets under Section 45-MB.
On June 25, 2005, the Reserve Bank of India cancelled the certificate of registration granted to Automobile and General Finance Company Limited, Agra under Section 45-IA of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution. RBI also prohibited the company from accepting deposits and from alienating its assets under Section 45-MB(1) and Section 45-MB(2).
Severity Assessment
Cancellation of an NBFC certificate of registration is a severity-5 action, and the accompanying prohibition on accepting deposits and alienating assets reinforces the full operational restriction.
The company must stop NBFC कारोबार immediately and cannot accept fresh deposits or dispose of assets. Depositors and other counterparties face the consequences of the company’s loss of registration and the accompanying restrictions.
Published as Automobile and General Finance Company Limited, Agra
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