Reserve Bank Cancels Certificate of Registration of Electromax Finance Private Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Electromax Finance Private Limited (formerly Vinod Leasing Private Limited), whose registered office was in Jodhpur. The cancellation was made on September 26, 2005 under Section 45-IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. This is a licence-cancellation action against an NBFC.
The Reserve Bank of India cancelled the certificate of registration issued to Electromax Finance Private Limited (formerly Vinod Leasing Private Limited) on September 26, 2005. The action was taken under Section 45-IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company / institution.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which carries severity 5 regardless of any monetary amount.
Electromax Finance Private Limited can no longer operate as a registered non-banking financial company. The cancellation affects the company directly and removes its authority to carry on the business of a non-banking financial institution.
Published as Vinod Leasing Private Limited
Published as Electromax Finance Private Limited
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