Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of six companies that had been registered to carry on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the RBI Act, 1934. The named entities are M/s Alps Motor Finance Limited, M/s Alliance Techno Projects Ltd., M/s Rahul Finlease Private Limited, M/s Dwaraka Leasing Limited, M/s Abhivadan Capital Services (Pvt.) Limited, and M/s B.V.Leasing Limited, all with registered offices in New Delhi. Once the registration certificate is cancelled, the companies cannot transact NBFC business.