Reserve Bank Cancels Certificate of Registration of M/s. M.S. Finvest Limited (presently known as Mukesh Udyog Limited)
Case Brief
The Reserve Bank of India on May 20, 2008 cancelled the Certificate of Registration granted to M/s. M.S. Finvest Limited (presently known as Mukesh Udyog Limited), whose registered office was in Ludhiana, Punjab. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, 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. M.S. Finvest Limited (presently known as Mukesh Udyog Limited) under Section 45-IA(6) of the RBI Act, 1934. The action was taken in connection with the company’s authority to carry on the business of a non-banking financial institution, and the release states that after cancellation it cannot transact NBFC business.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 licensing action that fully removes the entity's ability to operate as an NBFC.
The company is barred from carrying on NBFC activities going forward. This affects the entity directly and removes its ability to operate in its registered financial business segment.
Published as M/s. M.S. Finvest Limited (presently known as Mukesh Udyog Limited)
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