Certificate of Registration of M/s. Internet Investment Company Private Limited – Cancelled
Case Brief
On July 17, 2009, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Internet Investment Company Private Limited, whose registered office was in Mumbai. 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 the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Internet Investment Company Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled; after cancellation, it cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration cancellation, which carries severity 5.
The company loses its RBI registration and cannot carry on non-banking financial institution business going forward. This affects the entity directly and prevents it from undertaking regulated NBFC activities.
Published as M/s. Internet Investment Company Private Limited
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