Certificate of Registration of Blue Green Constructions & Investments Ltd. Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Blue Green Constructions & Investments Ltd., whose registered office was in Chennai, under Section 45-IA(6) of the RBI Act, 1934. The press release says the company had chosen to exit the business of a non-banking financial institution. Following the cancellation, the company is no longer permitted to conduct NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Blue Green Constructions & Investments Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore the registration was cancelled. As a result, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a severity-5 license cancellation.
The company cannot carry on any non-banking financial institution business going forward. This ends its ability to operate as an NBFC and affects its customers and counterparties only to the extent of any remaining NBFC-related transactions or obligations.
Published as Blue Green Constructions & Investments Ltd.
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