Reserve Bank Cancels Certificate of Registration of Sanghamitra Leafin Limited
Case Brief
On December 15, 2006, the Reserve Bank of India cancelled the Certificate of Registration of Sanghamitra Leafin Limited, whose registered office was in Vijayawada, Andhra Pradesh. The action was taken under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the non-banking financial institution business. 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 Sanghamitra Leafin Limited under Section 45-IA(6) of the RBI Act, 1934. The stated reason was that the company had opted to exit from the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC registration is a full licence withdrawal, which falls in severity 5.
Sanghamitra Leafin Limited is no longer permitted to carry on non-banking financial institution business. The restriction directly affects the company’s ability to operate as an NBFC and prevents it from undertaking such activities going forward.
Published as Sanghamitra Leafin Limited
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