Reserve Bank Cancels Certificate of Registration of M/s. Evergrowing Iron and Finvest Limited, New Delhi
Case Brief
On November 19, 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Evergrowing Iron and Finvest Limited, New Delhi, whose registered office was at 17, Jor Bagh, New Delhi-110013. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934, for carrying on the business of a non-banking financial institution. 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/s. Evergrowing Iron and Finvest Limited, New Delhi, under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had been registered for carrying on the business of a non-banking financial institution, and that following cancellation it cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which is a severity 5 action.
The company must stop conducting non-banking financial institution business. Customers and counterparties should not expect it to operate as an NBFC after the cancellation, and any future activity would need to comply with the law and RBI requirements.
Published as M/s. Evergrowing Iron and Finvest Limited, New Delhi
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