Reserve Bank Cancels Certificate of Registration of Shree Parusram Ji Hire Purchase Company Limited
Case Brief
On January 30, 2008, the Reserve Bank of India cancelled the Certificate of Registration of Shree Parusram Ji Hire Purchase Company Limited, whose registered office was at Soron Gate, Kasganj, District Etah (U.P.). The action was taken under Section 45-IA(6) of the RBI Act, 1934, in relation to the company’s carrying on of non-banking financial institution business. Following the cancellation, the company is not permitted to transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Shree Parusram Ji Hire Purchase Company Limited under Section 45-IA(6) of the RBI Act, 1934. The cancellation was for carrying on the business of a non-banking financial institution; the release does not specify any additional factual violations beyond the statutory basis for cancellation.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it removes the entity’s authority to operate as an NBFC.
Shree Parusram Ji Hire Purchase Company Limited loses its RBI registration and cannot continue operating as a non-banking financial institution. The restriction is immediate from the cancellation date and affects the company’s ability to conduct NBFC business going forward.
Published as Shree Parusram Ji Hire Purchase Company Limited
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