Reserve Bank Cancels Certificate of Registration of Pondicherry Nidhi Limited
Case Brief
On September 14, 2005, the Reserve Bank of India cancelled the Certificate of Registration granted to Pondicherry Nidhi Limited, whose registered office was in Pondichery. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, because the entity was carrying on the business of a non-banking financial institution. As a result, Pondicherry Nidhi Limited cannot transact that business going forward.
The Reserve Bank of India cancelled the certificate of registration of Pondicherry Nidhi Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was for carrying on the business of a non-banking financial institution, and that after cancellation the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a severe licence action and is rated severity 5.
Pondicherry Nidhi Limited is barred from carrying on non-banking financial institution business after the cancellation takes effect. Customers and counterparties should not treat it as authorised to operate as an NBFC/Nidhi after the RBI action.
Published as Pondicherry Nidhi Limited
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