Case Brief
What Happened
On October 13, 2006, the Reserve Bank of India cancelled the Certificate of Registration of M/s Goodluck Loans and Leasing Limited, Kanpur, which was registered to carry on the business of a non-banking financial institution. The release says the cancellation was because the company had opted to exit from that business. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company is not permitted to transact the business of a non-banking financial institution.