Reserve Bank Cancels Certificate of Registration of Maha Seer Investment Private Limited, New Delhi
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Maha Seer Investment Private Limited, New Delhi, on November 14, 2006. The action was taken 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 is no longer permitted to transact non-banking financial institution business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Maha Seer Investment Private Limited, New Delhi, 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. After cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which carries severity 5 regardless of the stated reason.
Maha Seer Investment Private Limited is prohibited from carrying on any non-banking financial institution business going forward. The restriction affects the company directly and may also affect counterparties that relied on its NBFC activities. The effective date of the cancellation is November 14, 2006.
Published as Maha Seer Investment Private Limited
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