Reserve Bank Cancels Certificate of Registration of Sampann Finance Limited
Case Brief
On April 18, 2007, the Reserve Bank of India cancelled the certificate of registration of Sampann Finance Limited, which had its registered office in Muzaffarnagar. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. The release says the company opted to exit from the business of a non-banking financial institution, and following cancellation it cannot transact that business.
The Reserve Bank of India cancelled the certificate of registration granted to Sampann Finance Limited 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. As a result, the company can no longer carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 licensing action, regardless of the reason given for cancellation.
Sampann Finance Limited is no longer permitted to carry on non-banking financial institution activity. The action affects the company directly and removes its ability to operate in the NBFC business going forward.
Published as Sampann Finance Limited
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