Reserve Bank Cancels Certificate of Registration of Jaju Enterprises Limited (presently known as - Atharv Enterprises Limited)
Case Brief
On May 29, 2007, the Reserve Bank of India cancelled the Certificate of Registration of Jaju Enterprises Limited (presently known as Atharv Enterprises Limited), registered at Kolhapur, for carrying on NBFC business. RBI stated that the company had opted to exit from the business of a non-banking financial institution. As a result, the company is no longer permitted to transact NBFC business under Section 45-I(a) of the RBI Act, 1934.
The Reserve Bank of India cancelled the Certificate of Registration granted to Jaju Enterprises Limited, presently known as Atharv Enterprises Limited, for carrying on the business of a non-banking financial institution. The stated reason was that the company had opted to exit from the business of a non-banking financial institution. After cancellation, the company cannot transact NBFC business as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which is severity 5 regardless of the reason or any monetary amount.
The company must stop conducting non-banking financial institution business and cannot carry on NBFC activities going forward. Depositors/counterparties dealing with it in an NBFC capacity are affected by the cessation of its licensed business.
Published as Jaju Enterprises Limited
Published as Atharv Enterprises Limited
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