Reserve Bank Cancels Certificate of Registration of Pilibhit Finance Limited, Pilibhit
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Pilibhit Finance Limited, Pilibhit, on January 13, 2006. The company, an NBFC, is no longer permitted to carry on the business of a non-banking financial institution. In addition, RBI prohibited it from accepting public deposits and from alienating any of its assets, citing Sections 45-IA(6) and 45MB(1)/(2) of the RBI Act, 1934.
On January 13, 2006, RBI cancelled the certificate of registration granted to Pilibhit Finance Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that following cancellation, the company cannot transact the business of a non-banking financial institution. RBI also invoked Section 45MB(1) and 45MB(2) to prohibit the company from accepting public deposits and from alienating any of its assets.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration cancellation, which is severity 5.
Pilibhit Finance Limited cannot continue NBFC business and must stop accepting public deposits. It is also barred from transferring or otherwise alienating its assets, which restricts its operations and financial flexibility going forward.
Published as Pilibhit Finance Limited
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