Certificate of Registration of M/s. Nilanshu Hire Purchase Ltd. - Cancelled
Case Brief
On January 19, 2009, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Nilanshu Hire Purchase Ltd., whose registered office was at Ayodhya Nagar, Ujhani, Budaun. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, on the ground that the company had voluntarily exited the business of a non-banking financial institution. As a result, the company cannot transact NBFC business going forward.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Nilanshu Hire Purchase Ltd. under Section 45-IA(6) of the RBI Act, 1934. The stated reason was that the company had voluntarily exited from the business of a non-banking financial institution. Following cancellation, the company is no longer permitted to carry on non-banking financial institution business.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it removes the entity’s ability to operate as an NBFC.
The company loses its authorization to carry on non-banking financial institution business. This means it cannot continue NBFC activities after the cancellation date, and counterparties should no longer treat it as an RBI-registered NBFC.
Published as M/s. Nilanshu Hire Purchase Ltd.
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