Certificate of Registration of Vasu Estates and Finance Private Limited (Formerly Vasu Estates and Finance Limited) Cancelled
Case Brief
On July 18, 2008, the Reserve Bank of India cancelled the Certificate of Registration of Vasu Estates and Finance Private Limited (formerly Vasu Estates and Finance Limited), whose registered office was at Vijayawada. The cancellation was made 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. As a result, the company cannot transact NBFC business any longer.
RBI cancelled the Certificate of Registration granted to Vasu Estates and Finance Private Limited (formerly Vasu Estates and Finance Limited) because the company had opted to exit from the business of a non-banking financial institution. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934, and means the company can no longer carry on NBFC business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a license cancellation, which carries severity 5 regardless of whether the trigger was voluntary exit.
Vasu Estates and Finance Private Limited is no longer permitted to conduct non-banking financial institution business after the cancellation takes effect. Customers and counterparties should no longer treat it as an active NBFC for new transactions in that business line.
Published as Vasu Estates and Finance Private Limited
Published as Vasu Estates and Finance Limited
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