The Reserve Bank of India cancelled the Certificate of Registration granted to Mahagauri Investments Ltd., whose registered office was in Worli, Mumbai, for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is no longer permitted to transact the business of a non-banking financial institution.

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Quick Facts

Primary Impact: License cancellation
Entity Type: NBFC
Location: Mumbai, Maharashtra
Order Date: 12 May 2010
Effective From: 12 May 2010
Entities Affected: 1

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the Certificate of Registration granted to Mahagauri Investments Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and that following cancellation it cannot transact that business.

Severity Assessment

Cancellation of an NBFC's Certificate of Registration is a complete licensing action and falls in severity 5.

Impact

Mahagauri Investments Ltd. must stop carrying on NBFC business. The cancellation affects the company directly and prevents it from undertaking non-banking financial institution activities going forward.

Regulatory Basis

Section 45-IA (6) of the Reserve Bank of India Act, 1934
clause (a) of Section 45-I of the Reserve Bank of India Act, 1934

Restrictions & Effective Timeline

Effective From: 12 May 2010

Affected Entities

Mahagauri Investments Ltd
Published as Mahagauri Investments Ltd.
NBFC · Primary

Official RBI Source

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