Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the certificates of registration of M/s. Limia Finance & Investment Private Limited and M/s Rajesh Projects & Finance Limited, both registered to carry on non-banking financial institution business. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, the companies are not permitted to transact NBFC business going forward.
The Reserve Bank of India cancelled the certificates of registration granted to M/s. Limia Finance & Investment Private Limited and M/s Rajesh Projects & Finance Limited for carrying on the business of a non-banking financial institution. The press release states that, following cancellation of the registration certificate, the companies cannot transact the business of a non-banking financial institution. The action is stated to be under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a severity 5 action because it terminates the NBFC's ability to carry on business.
Both companies must stop carrying on non-banking financial institution business. The restriction is final unless separately reversed by the regulator, and it affects the companies, their customers, and counterparties dealing with NBFC services.
Published as M/s Rajesh Projects & Finance Limited
Published as M/s. Limia Finance & Investment Private Limited
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