Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of three companies: M/s. R.D. Polymers Private Limited, M/s. Satvik Bars Private Limited, and M/s. R.S. Brothers Leasing & Investment Private Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, these companies cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificates of registration granted to three companies under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, the companies cannot transact the business of a non-banking financial institution as defined in Section 45-I(a) of the Act.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which is severity 5.
The three companies are barred from carrying on NBFC business going forward. This affects their ability to accept or deploy funds in the manner of a non-banking financial institution, and any such activity must cease immediately from the cancellation date (September 9, 2010).
Published as M/s. R.D. Polymers Private Limited
Published as M/s. Satvik Bars Private Limited
Published as M/s. R.S.Brothers Leasing & Investment Private Limited
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