Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of six companies, all of which were 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. Following cancellation, these entities are barred from transacting NBFC business.
The Reserve Bank of India cancelled the certificates of registration granted to six companies under Section 45-IA(6) of the RBI Act, 1934. As a result of the cancellation, the companies cannot transact the business of a non-banking financial institution. The release cites RBI’s power to cancel the registration certificate of an NBFC under the Act.
Severity Assessment
Cancellation of Certificates of Registration is a license cancellation action, which carries severity 5 regardless of any monetary amount.
All six companies lose the legal ability to conduct non-banking financial institution business from the stated cancellation dates. Customers and counterparties dealing with these firms in NBFC activities are affected, and the companies must cease such operations immediately.
Published as M/s Newways Finance Private Limited
Published as M/s Klark Realtors and Financiers Private Limited
Published as M/s Johar Integrated Finance Company Limited
Published as M/s Exult Holdings Private Limited
Published as M/s Imperial Financial Services Private Limited
Published as M/s Flare Finance (India) Limited
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