Reserve Bank Cancels Certificate of Registration of M/s. Laxman Printers Private Limited
Case Brief
On April 28, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Laxman Printers Private Limited, whose registered office is in Janakpuri, New Delhi, for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following the cancellation, 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. Laxman Printers Private Limited under Section 45-IA(6) of the RBI Act, 1934. The company was registered to carry on the business of a non-banking financial institution, and the cancellation means it cannot continue that business.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a license cancellation, which carries severity 5.
The company is barred from carrying on NBFC activities going forward. Customers and counterparties should not engage it for non-banking financial services, and the restriction is effective from the cancellation date, April 28, 2008.
Published as M/s. Laxman Printers Private Limited
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