Certificate of Registration of M/s. Greenbay Finance and Investments Limited – Cancelled
Case Brief
On June 7, 2010, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Greenbay Finance and Investments Limited, whose registered office was in Hyderabad. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business of a non-banking financial institution. As a result, the company can no longer transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled, on June 7, 2010, the certificate of registration originally granted on March 11, 1998 to M/s. Greenbay Finance and Investments Limited. The reason stated is that the company had opted to exit from the business of a non-banking financial institution. The cancellation was under Section 45-IA(6) of the RBI Act, 1934.
Severity Assessment
Cancellation of an NBFC’s certificate of registration is a severity-5 licensing action because it stops the entity from carrying on the regulated business.
The company is no longer permitted to carry on NBFC business. This affects the entity directly and means it cannot undertake regulated non-banking financial institution activities after the cancellation date.
Published as M/s. Greenbay Finance and Investments Limited
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