Reserve Bank Cancels Certificate of Registration of Chennakesava Finance and Investments Private Limited, Hyderabad
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Chennakesava Finance and Investments Private Limited on January 4, 2006. The company, whose registered office is in Hyderabad, was registered to carry on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company is prohibited from transacting non-banking financial institution business.
On January 4, 2006, the Reserve Bank of India cancelled the Certificate of Registration granted to Chennakesava Finance and Investments Private Limited, Hyderabad, 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. After cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation, which is severity 5.
Chennakesava Finance and Investments Private Limited loses its RBI registration and cannot carry on NBFC/NBFI business going forward. This directly affects the company’s operations and counterparties dealing with it as a finance company.
Published as Chennakesava Finance and Investments Private Limited
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