Reserve Bank Cancels Certificate of Registration of M/s. Pacific Netinvest Private Limited, New Delhi
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Pacific Netinvest Private Limited, New Delhi on October 15, 2007. The company had been registered to carry on the business of a non-banking financial institution, and the cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the company is barred from transacting NBFC business.
On October 15, 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Pacific Netinvest Private Limited, New Delhi, which had been registered to carry on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the RBI Act, 1934 as the statutory basis for cancellation. As a result, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation, which carries severity 5.
M/s. Pacific Netinvest Private Limited, New Delhi must stop carrying on non-banking financial institution business. The restriction affects the company directly and limits its ability to undertake NBFC operations going forward.
Published as M/s. Pacific Netinvest Private Limited, New Delhi
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