Reserve Bank Cancels Certificate of Registration of Ispat Finance Limited, Kolkata
Case Brief
On June 22, 2006, the Reserve Bank of India cancelled the Certificate of Registration granted to Ispat Finance Limited, Kolkata, under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot carry on or transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Ispat Finance Limited, Kolkata 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, and therefore its registration was cancelled. As a result, it cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration cancellation, which is severity 5 regardless of whether the company voluntarily exited the business.
Ispat Finance Limited can no longer operate as a non-banking financial institution. The restriction is immediate upon cancellation, and the company must cease NBFC business activities.
Published as Ispat Finance Limited, Kolkata
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