Reserve Bank Cancels Certificate of Registration of Mandira Investment and Finance Company Private Limited, New Delhi
Case Brief
On January 05, 2007, the Reserve Bank of India cancelled the certificate of registration of Mandira Investment and Finance Company Private Limited, New Delhi. 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 can no longer transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to Mandira Investment and Finance Company Private Limited, New Delhi under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company had opted to exit the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC’s certificate of registration is a full licensing action, which carries severity 5.
Mandira Investment and Finance Company Private Limited is no longer permitted to carry on non-banking financial institution business. This removes its regulatory authorization to operate in that activity, affecting the company directly and eliminating its ability to conduct NBFC operations going forward.
Published as Mandira Investment and Finance Company Private Limited, New Delhi
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