Reserve Bank Cancels Certificate of Registration of M/s. Hexagon Capital Advisors Private Ltd. (Formerly Hexagon Credits Private Limited)
Case Brief
The Reserve Bank of India, by order dated April 3, 2008, cancelled the Certificate of Registration of M/s. Hexagon Capital Advisors Private Ltd. (formerly Hexagon Credits Private Limited), whose registered office was in Bangalore. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is not permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Hexagon Capital Advisors Private Ltd. (formerly Hexagon Credits Private Limited) under Section 45-IA(6) of the RBI Act, 1934. The release states that the company’s registration was cancelled 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 licensing action and is severity 5.
The company must stop carrying on non-banking financial institution business. Counterparties and customers can no longer rely on it as an RBI-registered NBFC, and any such business activity after cancellation would be impermissible. The cancellation is effective from April 3, 2008.
Published as M/s. Hexagon Capital Advisors Private Ltd. (Formerly Hexagon Credits Private Limited)
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