Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration granted to Soni Moni Credit Centre Private Limited, whose registered office is in Dombivali, Thane, for carrying on the business of a non-banking financial institution. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot conduct NBFC business and has additionally been prohibited from accepting public deposits and from alienating any of its assets under Sections 45MB(1) and 45MB(2).