Reserve Bank Cancels Certificate of Registration of Abuzu Holdings Private Limited, Ahmedabad
Case Brief
On September 09, 2005, the Reserve Bank of India cancelled the certificate of registration granted to Abuzu Holdings Private Limited, Ahmedabad, under Section 45-IA of the RBI Act, 1934. The cancellation was in relation to the company’s carrying on the business of a non-banking financial institution. Following this action, the company is prohibited from transacting NBFC business.
The Reserve Bank of India cancelled the certificate of registration granted to Abuzu Holdings Private Limited, under Section 45-IA of the RBI Act, 1934. As a result of the cancellation, the company can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC certificate of registration is a licence cancellation, which carries severity 5.
Abuzu Holdings Private Limited cannot carry on or transact non-banking financial institution business after the cancellation of its registration. The restriction directly affects the company and its ability to operate as an NBFC; customers/counterparties cannot rely on it for NBFC activities.
Published as Abuzu Holdings Private Limited
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