Certificate of Registration of Baliga Investments Pvt. Ltd. - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Baliga Investments Private Limited, whose registered office was in Mysore, on 30 January 2009. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit from the business of a non-banking financial institution. Following the cancellation, the company is no longer permitted to transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Baliga Investments Private Limited under Section 45-IA(6) of the RBI Act, 1934. The press release states that the company had opted to exit from the business of a non-banking financial institution, and therefore its 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 action because it removes the entity’s authorization to operate as a non-banking financial institution.
Baliga Investments Private Limited can no longer carry on non-banking financial institution business after the cancellation of its registration. The restriction directly affects the company’s ability to operate as an NBFC; no depositor/borrower-facing activity of that type may continue.
Published as Baliga Investments Private Limited
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