Certificate of Registration of Mukut Finlease Ltd. Cancelled
Case Brief
On June 13, 2008, the Reserve Bank of India cancelled the Certificate of Registration of Mukut Finlease Limited, whose registered office was at Mukut Complex, Rekabganj, Faizabad (U.P.). The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. As a result, Mukut Finlease Limited cannot transact NBFC business going forward.
The Reserve Bank of India cancelled the certificate of registration granted to Mukut Finlease Limited under Section 45-IA(6) of the RBI Act, 1934. The text states the company was registered to carry on the business of a non-banking financial institution, and after cancellation it cannot transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a severity 5 action under the rubric.
Mukut Finlease Limited is barred from carrying on any non-banking financial institution business after the cancellation. This directly affects the company’s operations and counterparties relying on its NBFC activities; no deadline is stated beyond the cancellation date of June 13, 2008.
Published as Mukut Finlease Limited
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