Certificate of Registration of M/s. Padmavati Financial Services Ltd. - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Padmavati Financial Services Ltd., whose registered office was at 28, Hastings Road, Allahabad. The action was taken under Section 45-IA(6) of the RBI Act, 1934, because the company had voluntarily exited the business of a non-banking financial institution. After 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 M/s. Padmavati Financial Services Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company had voluntarily exited from the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC certificate of registration is a complete licence/registration action and is severity 5.
M/s. Padmavati Financial Services Ltd. is no longer permitted to carry on NBFC/non-banking financial institution business. The company must cease such activities; the order primarily affects the company itself and any counterparties relying on its ability to operate as a registered NBFC.
Published as M/s. Padmavati Financial Services Ltd.
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