Reserve Bank Cancels Certificate of Registration of Punjab Leasing Private Limited, Amritsar
Case Brief
On March 6, 2006, the Reserve Bank of India cancelled the Certificate of Registration granted to Punjab Leasing Private Limited, whose registered office is in Amritsar, Punjab. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business of a non-banking financial institution. As a result, the company can no longer transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to Punjab Leasing Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, which was the basis for the cancellation.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which is severity 5 under the rubric.
Punjab Leasing Private Limited is no longer permitted to carry on non-banking financial institution business after the cancellation of its registration. The restriction affects the company directly and prevents it from transacting in its NBFC activities going forward.
Published as Punjab Leasing Private Limited
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