Certificate of Registration of M/s. Seven Heaven Leasing and Finance Limited – Cancelled
Case Brief
On July 14, 2009, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Seven Heaven Leasing and Finance Limited, whose registered office was in Chembur, Mumbai. The cancellation was for carrying on the business of a non-banking financial institution and was stated to be because the company had opted to exit from that business. The action was taken under Section 45-IA(6) of the RBI Act, 1934.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Seven Heaven Leasing and Finance Limited for carrying on the business of a non-banking financial institution. The release states that the company had opted to exit from the business of a non-banking financial institution. The cancellation was exercised under Section 45-IA(6) of the RBI Act, 1934, and means the company can no longer transact NBFC business.
Severity Assessment
Certificate of Registration cancellation is a severity-5 action because it removes the entity’s ability to operate as an NBFC.
The company is no longer permitted to transact the business of a non-banking financial institution. This removes its regulatory authority to operate as an NBFC, with the immediate consequence that NBFC-related activities must cease.
Published as M/s. Seven Heaven Leasing and Finance Limited
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