Reserve Bank Cancels Certificate of Registration of three companies
Case Brief
The Reserve Bank of India cancelled the certificate of registration of three companies: M/s. Dipco Ltd., Khaitan Estates Pvt. Ltd., and Ratanpura Trading Ltd. The order was issued under Section 45-IA(6) of the RBI Act, 1934. RBI said the companies had opted to exit the business of a non-banking financial institution. Following cancellation, they cannot carry on NBFC business, although they must still repay deposits, if any, according to the contract terms.
Under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank cancelled the certificate of registration of M/s. Dipco Ltd., Khaitan Estates Pvt. Ltd., and Ratanpura Trading Ltd. The release states that these companies had opted to exit from the business of a non-banking financial institution. After cancellation, they cannot transact the business of a non-banking financial institution, though they remain obliged to repay any deposits in accordance with contract terms.
Severity Assessment
Cancellation of Certificate of Registration is a severity-5 action because it removes the legal ability to carry on the NBFC business.
The three companies are barred from conducting non-banking financial institution business going forward. They must continue fulfilling any deposit-repayment obligations as per the terms of their contracts, and affected depositors retain repayment rights.
Published as Khaitan Estates Pvt. Ltd.
Published as M/s. Dipco Ltd.
Published as Ratanpura Trading Ltd.
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