Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the certificates of registration of three companies: M/s Goyal Textiles Industries Private Limited, M/s J.D.C. Estate Developers Limited, and M/s Motivational Securities Private Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, these entities cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificates of registration granted to three companies for carrying on the business of a non-banking financial institution. The release states that, under Section 45-IA(6) of the RBI Act, 1934, RBI has the power to cancel the registration certificate of a non-banking financial company. After cancellation, the companies cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which carries severity 5.
All three companies are barred from carrying on non-banking financial institution business going forward. Customers and counterparties should not treat them as authorised NBFCs for new business, and any regulated activities requiring CoR are no longer permitted. The cancellation took effect on June 01, 2009 for each company.
Published as M/s J.D.C. Estate Developers Limited
Published as M/s Goyal Textiles Industries Private Limited
Published as M/s Motivational Securities Private Limited
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