Reserve Bank Cancels Certificate of Registration of M/s Sri Vishnudarshan Finance and Investments Ltd.
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Sri Vishnudarshan Finance and Investments Ltd. on September 27, 2007. The company’s registered office is stated as Bangalore. RBI said the cancellation was because the company had opted to exit the business of a non-banking financial institution, and noted the action was taken under Section 45-IA(6) of the RBI Act, 1934.
On September 27, 2007, the Reserve Bank of India cancelled the certificate of registration granted to M/s Sri Vishnudarshan Finance and Investments Ltd. The release says the company had opted to exit from the business of a non-banking financial institution. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which carries severity 5 regardless of the reason given.
The company can no longer transact the business of a non-banking financial institution. The restriction applies to the named NBFC and effectively ends its regulated lending/finance operations under the RBI registration.
Published as M/s Sri Vishnudarshan Finance and Investments Ltd.
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