Reserve Bank Cancels Certificate of Registration of Coastal Construction Leasing Private Limited
Case Brief
On February 11, 2008, the Reserve Bank of India cancelled the Certificate of Registration of Coastal Construction Leasing Private Limited, whose registered office was in Hyderabad. The release says the company had opted to exit the business of a non-banking financial institution, and that after cancellation it cannot transact NBFC business. The action was taken under Section 45-IA(6) of the RBI Act, 1934.
The Reserve Bank of India cancelled the Certificate of Registration granted to Coastal Construction Leasing Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states the cancellation was because the company had opted to exit from the business of a non-banking financial institution. Following cancellation, the company cannot conduct NBFC business.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a severity 5 action because it terminates the entity’s ability to operate as a non-banking financial institution.
Coastal Construction Leasing Private Limited is barred from carrying on non-banking financial institution business going forward. Customers, counterparties, and anyone dealing with the company should no longer expect it to operate as an NBFC.
Published as Coastal Construction Leasing Private Limited
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