Certificate of Registration of M/s. Canaan International Creditcap Limited, Hyderabad - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration No. 09.00044 dated March 2, 1998 issued to M/s. Canaan International Creditcap Limited under Section 45-IA(6) of the RBI Act, 1934. The company, with its registered office at Nellore, Andhra Pradesh, had been authorised to carry on the business of a non-banking financial institution. Following the cancellation, it is no longer permitted to transact NBFC business.
RBI cancelled Certificate of Registration No. 09.00044 dated March 2, 1998 issued to M/s. Canaan International Creditcap Limited under Section 45-IA(6) of the RBI Act, 1934. The cancellation means the company can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a severity 5 action because it prevents the NBFC from carrying on its regulated business.
The company must cease NBFC operations and cannot carry on the business of a non-banking financial institution going forward. Counterparties and customers should not treat it as an authorised NBFC for new business. The release does not specify any transition period or effective date beyond the cancellation date of September 15, 2011.
Published as M/s. Canaan International Creditcap Limited
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