Certificate of Registration of State Industries Promotion Corporation of Tamilnadu Ltd. - Cancelled
Case Brief
On January 15, 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to State Industries Promotion Corporation of Tamilnadu Ltd., whose registered office was in Egmore, Chennai. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, after the company chose to exit the business of a non-banking financial institution. Following the cancellation, the company is not permitted to transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to State Industries Promotion Corporation of Tamilnadu Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit from the business of a non-banking financial institution, and as a result it can no longer transact NBFC business.
Severity Assessment
Cancellation of a Certificate of Registration is a full operating prohibition for the NBFC and is severity 5 under the rubric.
State Industries Promotion Corporation of Tamilnadu Ltd. can no longer conduct non-banking financial institution business after the cancellation of its registration. The restriction is effective immediately from the stated date, and it affects the company’s ability to operate as an NBFC.
Published as State Industries Promotion Corporation of Tamilnadu Ltd.
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