Case Brief
What Happened
In this release, the Reserve Bank of India cancelled the Certificates of Registration of six companies that were carrying on the business of a non-banking financial institution. The affected entities are Smart Investments & Finance Limited, Satopath Finance Limited, Shriya Trading & Finance Private Limited, Authentic Investments & Finance Limited, Bakhru Investments & Leasing Limited, and Sneh Finlease Limited. The release cites Section 45-IA(6) of the Reserve Bank of India Act, 1934 as the statutory basis for cancellation. Once cancelled, the companies cannot transact NBFC business.