Reserve Bank Cancels Certificate of Registration of M/s. Biviyes Finance and Leasing Limited
Case Brief
The Reserve Bank of India cancelled the certificate of registration of M/s. Biviyes Finance and Leasing Limited on January 7, 2008 under Section 45-IA(6) of the RBI Act, 1934. The entity was registered at Kundapura, Karnataka, and the cancellation was in relation to its carrying on the business of a non-banking financial institution. As a result, it cannot transact NBFC business going forward.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Biviyes Finance and Leasing Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was for carrying on the business of a non-banking financial institution; after cancellation, the entity cannot transact that business.
Severity Assessment
Cancellation of an NBFC’s certificate of registration is a licence cancellation, which carries severity 5 under the rubric.
M/s. Biviyes Finance and Leasing Limited is prohibited from conducting non-banking financial institution business after the cancellation takes effect. The immediate impact is on the company’s ability to operate as an NBFC; customers and counterparties should not expect the entity to continue NBFC საქმიანություն under the cancelled registration.
Published as M/s. Biviyes Finance and Leasing Limited
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