Reserve Bank Cancels Certificate of Registration of Adayar Finance & Leasing Limited, Chennai
Case Brief
On January 4, 2006, the Reserve Bank of India cancelled the Certificate of Registration granted to Adayar Finance & Leasing Limited, Chennai, under Section 45-IA(6) of the RBI Act, 1934. The company had been carrying on business as a non-banking financial institution, and following cancellation it cannot transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Adayar Finance & Leasing Limited under Section 45-IA(6) of the RBI Act, 1934. The action was taken in relation to its business as a non-banking financial institution, and as a result the company is barred from transacting NBFC business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which carries severity 5.
Adayar Finance & Leasing Limited must stop conducting non-banking financial institution business. The restriction directly affects the company’s operations and any counterparties dealing with it in an NBFC capacity.
Published as Adayar Finance & Leasing Limited
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