Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of two non-banking financial companies: M/s. Ramajyoti Credit & Investment Private Limited and M/s Mohanmeet Leasing Private Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the companies are no longer permitted to carry on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificates of registration granted to M/s. Ramajyoti Credit & Investment Private Limited and M/s Mohanmeet Leasing Private Limited for carrying on the business of a non-banking financial institution. The cancellations were issued under Section 45-IA(6) of the RBI Act, 1934. The release states that, following cancellation, the companies cannot conduct NBFC business.
Severity Assessment
Cancellation of NBFC registration is a complete licence cancellation, which is severity 5.
Both companies are barred from undertaking NBFC business after the cancellation of their registrations. The affected entities themselves must cease such activities, and customers/counterparties cannot rely on them for non-banking financial services.
Published as M/s Mohanmeet Leasing Private Limited
Published as M/s. Ramajyoti Credit & Investment Private Limited
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