Reserve Bank Cancels Certificate of Registration of M.N.K. Financiers Private Limited
Case Brief
On July 24, 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to M.N.K. Financiers Private Limited, whose registered office was in New Delhi. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M.N.K. Financiers Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the registration had been granted for carrying on the business of a non-banking financial institution, and after cancellation the company cannot transact that business.
Severity Assessment
Certificate of registration cancellation is a full licence/CoR cancellation, which is severity 5 regardless of any fine.
M.N.K. Financiers Private Limited is barred from carrying on NBFC business after the cancellation. This removes its ability to legally undertake non-banking financial institution activities, affecting its operations and counterparties relying on those services.
Published as M.N.K. Financiers Private Limited
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