Reserve Bank Cancels Certificate of Registration of M/s. Murudeshwar Finance & Leasing Ltd.(Formerly Murudeshwar Finance & Leasing Private Limited)
Case Brief
On April 11, 2008, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Murudeshwar Finance & Leasing Ltd. (formerly Murudeshwar Finance & Leasing Pvt. Ltd.), whose registered office was in Hubli. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Murudeshwar Finance & Leasing Ltd. (formerly Murudeshwar Finance & Leasing Pvt. Ltd.) for carrying on the business of a non-banking financial institution. The release states that the company had opted to exit from the NBFC business, and RBI exercised its power under Section 45-IA(6) of the Reserve Bank of India Act, 1934 to cancel the registration certificate.
Severity Assessment
Cancellation of a Certificate of Registration is a severe licensing action and falls in severity 5.
Murudeshwar Finance & Leasing Ltd. must stop carrying on non-banking financial institution business with immediate effect from the cancellation date. The company can no longer undertake NBFC transactions, and counterparties should treat it as no longer registered to conduct that business.
Published as M/s. Murudeshwar Finance & Leasing Ltd.
Published as Murudeshwar Finance & Leasing Pvt. Ltd.
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