Certificate of Registration of M/s. Pasco Motor Traders & Financiers (P) Ltd. - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Pasco Motor Traders & Financiers (P) Ltd., Chandigarh, on 25 November 2009. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following the cancellation, the company is barred from transacting the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Pasco Motor Traders & Financiers (P) Ltd. under Section 45-IA(6) of the RBI Act, 1934. The company had been carrying on the business of a non-banking financial institution; as a result of the cancellation, it can no longer transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it removes the entity’s ability to operate as an NBFC.
The company must stop NBFC business activities and cannot accept or conduct transactions in that capacity. The restriction directly affects the firm and its customers/counterparties dealing with it as a non-banking financial institution.
Published as M/s. Pasco Motor Traders & Financiers (P) Ltd.
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