Reserve Bank Cancels Certificate of Registration of Microland Investments Private Limited
Case Brief
On May 20, 2008, the Reserve Bank of India cancelled the Certificate of Registration of Microland Investments Private Limited, whose registered office was at No.1B, Ecospace, Belandur Outer Ring Road, Bangalore. The cancellation was issued 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 cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Microland Investments Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and following cancellation it cannot transact such business.
Severity Assessment
Cancellation of a certificate of registration is a severity-5 licensing action because it prevents the company from carrying on NBFC business.
Microland Investments Private Limited can no longer carry on NBFC business after cancellation of its registration certificate. The restriction applies to the company itself and affects its ability to undertake non-banking financial institution activities going forward.
Published as Microland Investments Private Limited
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