Certificate of Registration of Hastah Finances Limited Cancelled
Case Brief
On September 9, 2008, the Reserve Bank of India cancelled the Certificate of Registration of Hastah Finances Limited, a non-banking financial company with its registered office in Visakhapatnam. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Hastah Finances Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and following cancellation it cannot transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation, which carries severity 5 regardless of any other details.
Hastah Finances Limited must stop undertaking non-banking financial institution business. The cancellation directly affects the company’s ability to operate in its regulated NBFC business line, and counterparties/customers cannot rely on it for such activities going forward.
Published as Hastah Finances Limited
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