Reserve Bank Cancels Certificate of Registration of M/s. Lease Plan India Limited
Case Brief
On May 26, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Lease Plan India Limited, whose registered office was at Karol Bagh, New Delhi. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, 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. Lease Plan India Limited under Section 45-IA(6) of the RBI Act, 1934. As a result of the cancellation, the company cannot transact the business of a non-banking financial institution. The release cites the RBI’s statutory power to cancel the registration certificate of an NBFC / non-banking financial company.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation, which is severity 5.
M/s. Lease Plan India Limited must stop carrying on NBFC business and cannot transact as a non-banking financial institution. Customers and counterparties should no longer treat it as authorised to conduct such business.
Published as M/s. Lease Plan India Limited
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