Reserve Bank Cancels Certificate of Registration of M/s. International Resources Management & Leasing Corporation Ltd
Case Brief
On March 17, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. International Resources Management & Leasing Corporation Ltd., a non-banking financial company with its registered office in New Delhi. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the company is barred from transacting the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. International Resources Management & Leasing Corporation Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered for carrying on the business of a non-banking financial institution, and that following cancellation it cannot transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which is severity 5 regardless of any monetary amount.
The company must stop NBFC activities and cannot legally continue transacting as a non-banking financial institution. The restriction directly affects the entity and any counterparties relying on its NBFC operations.
Published as M/s. International Resources Management & Leasing Corporation Ltd.
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