Certificate of Registration of Vinay Credit Company Private Limited Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Vinay Credit Company Private Limited, whose registered office was in Visakhapatnam, on 8 August 2008. 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. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Vinay Credit Company Private Limited under Section 45-IA(6) of the RBI Act, 1934. The stated reason was that the company had opted to exit from the business of a non-banking financial institution. As a result, it can no longer carry on that business.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a licence cancellation, which is severity 5.
Vinay Credit Company Private Limited is barred from carrying on non-banking financial institution activity after the cancellation. Any ongoing NBFC business must stop, and customers/counterparties should no longer expect the company to operate as an NBFC.
Published as Vinay Credit Company Private Limited
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