Reserve Bank Cancels Certificate of Registration of M/s Madhushree Enterprises Private Limited
Case Brief
On November 15, 2006, the Reserve Bank of India cancelled the Certificate of Registration of M/s Madhushree Enterprises Private Limited, formerly Madhushree Finance and Allied Services Limited. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, because the company had opted to exit the business of a non-banking financial institution. As a result, the company cannot transact the business of a non-banking financial institution anymore.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Madhushree Enterprises Private Limited under Section 45-IA(6) of the RBI Act, 1934. The company had opted to exit from the business of a non-banking financial institution, so RBI cancelled its registration certificate and it can no longer transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a complete licensing action and falls in severity 5.
M/s Madhushree Enterprises Private Limited is no longer permitted to carry on non-banking financial institution business. This removes its ability to undertake NBFC activities going forward.
Published as M/s Madhushree Enterprises Private Limited
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