Certificate of Registration of M/s. Paul Merchants Limited – Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Paul Merchants Limited, whose registered office was in New Delhi, under Section 45-IA(6) of the RBI Act, 1934. The release says the company had voluntarily exited the business of a non-banking financial institution. As a result of the cancellation, the company is no longer permitted to carry on or transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Paul Merchants Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had voluntarily exited from the business of a non-banking financial institution, and therefore the registration was cancelled. After cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a licensing action that fully prevents the company from carrying on the regulated NBFC business, which falls in severity 5.
M/s. Paul Merchants Limited cannot continue as a non-banking financial institution after the cancellation. The action removes its ability to undertake NBFC business, with the effect applying from 14 September 2009.
Published as M/s. Paul Merchants Limited
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