Reserve Bank Cancels Certificate of Registration of M/s. Pavana Putra Financial and Investments Limited
Case Brief
On November 30, 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Pavana Putra Financial and Investments Limited, whose registered office is at No. 17, Plat Form Road, Bangalore 560020. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India 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/s. Pavana Putra Financial and Investments Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the registration was cancelled for carrying on the business of a non-banking financial institution, and that following cancellation the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration cancellation, which carries severity 5 regardless of any fine.
The company is barred from carrying on non-banking financial institution business after the cancellation takes effect. This directly affects the entity and any customers or counterparties relying on it for NBFC services.
Published as M/s. Pavana Putra Financial and Investments Limited
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