Certificate of Registration of Veljan Investments Ltd. – Cancelled
Case Brief
On November 13, 2009, the Reserve Bank of India cancelled the Certificate of Registration of Veljan Investments Limited, Hyderabad, under Section 45-IA(6) of the RBI Act, 1934. The company was registered to carry on the business of a non-banking financial institution, but the release says it had opted to exit from that business. As a result, it can no longer transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Veljan Investments Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company had opted to exit from the non-banking financial business.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which is severity 5.
Veljan Investments Limited cannot carry on or transact the business of a non-banking financial institution going forward. The restriction applies to the company itself and effectively ends its NBFC operations.
Published as Veljan Investments Limited
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