Certificate of Registration of Commercial Hire Purchase (India) Ltd. - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Commercial Hire Purchase (India) Ltd., whose registered office was in Kochi, on January 6, 2011. The cancellation follows rejection of the company’s application for a registration certificate under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is not permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled, on January 6, 2011, the Certificate of Registration issued to Commercial Hire Purchase (India) Ltd. for carrying on the business of a non-banking financial institution. The release states that, following rejection of the application for certificate of registration, the company cannot transact the business of a non-banking financial institution. The action is taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence action and therefore falls in severity 5.
Commercial Hire Purchase (India) Ltd. must cease NBFC/non-banking financial institution business operations. The restriction is permanent unless separately reversed by RBI or through a fresh lawful registration process; counterparties and customers cannot rely on it continuing to operate as an NBFC.
Published as Commercial Hire Purchase (India) Ltd.
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