Reserve Bank Cancels Certificate of Registration of M/s. H.S. Sidhu Financiers Private Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. H.S. Sidhu Financiers Private Limited, Gurgaon, Haryana, on July 03, 2007. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business of a non-banking financial institution. With the registration cancelled, the company is no longer permitted to transact NBFC business.
On July 03, 2007, RBI cancelled the Certificate of Registration granted to M/s. H.S. Sidhu Financiers Private 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 as a result the registration was cancelled. After cancellation, the company cannot transact NBFC business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a full license cancellation, which is severity 5.
The company must stop carrying on non-banking financial institution business. Customers and counterparties cannot be served as an NBFC going forward, and the entity loses its RBI registration to operate in this line of business.
Published as M/s. H.S. Sidhu Financiers Private Limited
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