Certificate of Registration of KLS Finance and Investments Ltd. – Cancelled
Case Brief
On May 12, 2010, the Reserve Bank of India cancelled the Certificate of Registration of KLS Finance and Investments Limited, which had its registered office at KLS Complex, Bellary Road, Hospet 583201. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. RBI stated that the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled.
The Reserve Bank of India cancelled the Certificate of Registration granted to KLS Finance and Investments Limited under Section 45-IA(6) of the RBI Act, 1934. The company had its registered office at KLS Complex, Bellary Road, Hospet, and the stated reason was that it had opted to exit from the non-banking financial business. As a result, it can no longer transact business as a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which carries severity 5 under the rubric.
KLS Finance and Investments Limited can no longer carry on or transact non-banking financial institution business. The restriction is permanent unless the company obtains fresh regulatory approval through the applicable legal process.
Published as KLS Finance and Investments Limited
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