Case Brief
What Happened
On February 28, 2008, the Reserve Bank of India cancelled the certificate of registration of M/s. Shree Kalyani Leasing & Finance Ltd. The company, formerly known as Shree Kalyani Leasing & Finance Private Limited, was registered at Udupi, Karnataka. RBI said the cancellation was under Section 45-IA(6) of the RBI Act, 1934, and was because the company had opted to exit the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.