Certificate of Registration of M/s. Karam Chand Thapar & Bros Ltd. – Cancelled
Case Brief
On January 07, 2010, the Reserve Bank of India cancelled the Certificate of Registration of M/s. Karam Chand Thapar & Bros Limited, based in New Delhi, for carrying on the business of a non-banking financial institution. RBI said the cancellation was under Section 45-IA(6) of the RBI Act, 1934, and that the company had voluntarily exited the business. As a result, the company can no longer transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Karam Chand Thapar & Bros Limited, whose registered office is in New Delhi, under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was made because the company had voluntarily exited from the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a severity-5 licence cancellation, regardless of the reason cited.
The company is barred from carrying on or transacting any non-banking financial institution business after cancellation of its registration. This affects the company directly; no broader customer or depositor action is described in the release.
Published as M/s. Karam Chand Thapar & Bros Limited
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