Certificate of Registration of CEE BEE Investments Private Limited Cancelled
Case Brief
On June 05, 2008, the Reserve Bank of India cancelled the Certificate of Registration of CEE BEE Investments Private Limited, whose registered office was in Bangalore. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, because the company had opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to CEE BEE Investments Private Limited under Section 45-IA(6) of the RBI Act, 1934. The stated reason is that the company opted to exit from the business of a non-banking financial institution. As a result, it is no longer permitted to carry on NBFC business.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation, which carries severity 5 regardless of monetary amount.
CEE BEE Investments Private Limited is barred from carrying on non-banking financial institution business going forward. The restriction directly affects the company and its ability to operate as an NBFC; no monetary penalty was imposed.
Published as CEE BEE Investments Private Limited
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