Certificate of Registration of M/s. Lucknow Finance Co. Ltd. – Cancelled
Case Brief
On November 18, 2009, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Lucknow Finance Company Limited, based in Renukoot, District Sonbhadra, Uttar Pradesh. The release says the company had voluntarily exited the business of a non-banking financial institution. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, and means the company can no longer carry on NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Lucknow Finance Company Limited, whose registered office was at P.O. Renukoot, District Sonbhadra, Uttar Pradesh, for carrying on the business of a non-banking financial institution. The release states that the cancellation was made because the company had voluntarily exited from the business. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934, and after cancellation the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a license cancellation, which carries severity 5.
The company is no longer permitted to transact business as a non-banking financial institution. This removes its ability to operate as an NBFC going forward.
Published as M/s. Lucknow Finance Company Limited
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