Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of M/s. Vishnu Credits Private Limited, M/s. Nav Uday Finance & Leasing Private Limited, and M/s. Alankar Saphire Developers (P) Ltd. The order was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, each company lost the legal ability to transact the business of a non-banking financial institution from the cancellation date.
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 companies were: Vishnu Credits Private Limited, Nav Uday Finance & Leasing Private Limited, and Alankar Saphire Developers (P) Ltd. The cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following cancellation, the companies cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of the Certificate of Registration is a license cancellation, which is severity 5 regardless of any other factors.
These companies must stop carrying on NBFC business from October 9, 2009. Customers and counterparties can no longer rely on them to undertake non-banking financial institution activities.
Published as M/s. Nav Uday Finance & Leasing Private Limited
Published as M/s. Vishnu Credits Private Limited
Published as M/s. Alankar Saphire Developers (P) Ltd.
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