Case Brief
What Happened
The Reserve Bank of India cancelled the certificates of registration of three companies that were authorised to carry on non-banking financial institution business. The affected entities are M/s MRAL Securities & Finance Private Limited, M/s. Neminath Industries Private Limited, and M/s. Karmath Leasing & Holdings Limited, all based in New Delhi. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934. As a result, these companies cannot transact the business of a non-banking financial institution.