Reserve Bank Cancels Certificate of Registration of Minerva Holdings Limited, Noida
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to Minerva Holdings Limited, whose registered office was at A-34, Sector-14, Noida, District Gautam Buddh Nagar, Uttar Pradesh. The cancellation was issued on September 12, 2005 under Section 45-IA(6) of the RBI Act, 1934. Because the registration was cancelled, Minerva Holdings Limited is no longer permitted to transact the business of a non-banking financial institution.
On September 12, 2005, the Reserve Bank of India cancelled the Certificate of Registration of Minerva Holdings Limited, which had its registered office in Noida, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the Reserve Bank of India Act, 1934 as the statutory basis for RBI's power to cancel the registration certificate of a non-banking financial company.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a full licence cancellation, which is severity 5.
Minerva Holdings Limited must stop all non-banking financial institution activity. The restriction directly affects the company and prevents it from transacting NBFC business going forward.
Published as Minerva Holdings Limited
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