Certificate of Registration of M/s Avkash Holdings Private Limited - Cancelled
Case Brief
On January 30, 2009, the Reserve Bank of India cancelled the Certificate of Registration of M/s Avkash Holdings Private Limited, whose registered office was in Pune. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, because the company had opted to exit the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Avkash Holdings Private Limited 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.
Severity Assessment
Cancellation of a Certificate of Registration is a license cancellation, which carries severity 5.
M/s Avkash Holdings Private Limited is no longer permitted to carry on non-banking financial institution business. The restriction is final in effect and removes the company's ability to transact as an NBFC; counterparties should not rely on it for NBFC activities.
Published as M/s Avkash Holdings Private Limited
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