Reserve Bank Cancels Certificate of Registration of M/s. Laxman Printers Private Limited
Case Brief
On March 31, 2008, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Akhil Sanghi Finance Private Limited, which was granted for carrying on the business of a non-banking financial institution. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following this action, the company is barred from transacting non-banking financial institution business.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Akhil Sanghi Finance Private Limited under Section 45-IA(6) of the RBI Act, 1934. As a result, the company can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence-type cancellation, which maps to severity 5.
The company must stop carrying on non-banking financial institution business. Customers and counterparties dealing with the firm in that capacity can no longer rely on it to provide NBFC services, and the restriction is immediate upon cancellation.
Published as M/s. Akhil Sanghi Finance Private Limited
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