Certificate of Registration of Saibala Credits Private Limited – Cancelled
Case Brief
The Reserve Bank of India, by order dated February 25, 2010, cancelled the Certificate of Registration of Saibala Credits Private Limited, Chennai, which had been granted for carrying on the business of a non-banking financial institution. The release says the company chose to exit the business, and the cancellation was made under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is no longer permitted to transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Saibala Credits Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled. After cancellation, the company can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licensing cancellation, which is severity 5.
Saibala Credits Private Limited cannot carry on or transact non-banking financial institution business after the cancellation. The restriction affects the company directly and prevents any further NBFC operations.
Published as Saibala Credits Private Limited
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