Case Brief
What Happened
The Reserve Bank of India cancelled the Certificates of Registration granted to nine companies for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The named entities include Gobans Financial Services Limited, Topmark Properties Limited, Uniworth Finlease Ltd., Online Beverages Private Ltd., Nalby Financial Services Pvt. Ltd., Vaghani Finance Ltd., Pragati Bonds & Holdings Ltd., Zuari Crefin Ltd., and PEE IIE Investments Pvt. Ltd. Following the cancellation, these companies cannot transact the business of a non-banking financial institution.