Certificate of Registration of M/s. Network 18 Media & Investments Private Limited - Cancelled
Case Brief
On December 01, 2009, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Network 18 Media & Investments Limited, whose registered office was in New Delhi. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, because the company had voluntarily exited the business of a non-banking financial institution. Following the cancellation, the company is not permitted to conduct NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Network 18 Media & Investments Limited under Section 45-IA(6) of the RBI Act, 1934. The stated reason was that the company had voluntarily exited from the business of a non-banking financial institution. As a result, it is no longer permitted to carry on NBFC business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a complete licence cancellation, which carries severity 5.
The company is barred from transacting the business of a non-banking financial institution going forward. This affects the entity directly and removes its ability to operate as an NBFC; no customer-facing NBFC activities can continue under the cancelled registration.
Published as M/s. Network 18 Media & Investments Limited
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