Reserve Bank Cancels Certificate of Registration of M/s. Malav Holdings Pvt. Ltd
Case Brief
On March 17, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Malav Holdings Pvt. Ltd., whose registered office was at 55, Hanuman Road, Connaught Place, New Delhi. The action was taken under Section 45-IA(6) of the RBI Act, 1934, in relation to the company’s business as a non-banking financial institution. As a result, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Malav Holdings Pvt. Ltd. under Section 45-IA(6) of the RBI Act, 1934. The cancellation was for carrying on the business of a non-banking financial institution; after cancellation, the company cannot transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which carries severity 5 under the rubric.
M/s. Malav Holdings Pvt. Ltd. must stop transacting non-banking financial institution business. The cancellation removes its authorisation to operate as an NBFC, affecting its ability to conduct lending/financial business and any related counterparties or customers.
Published as M/s. Malav Holdings Pvt. Ltd.
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