Certificate of Registration - Cancelled
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of Emcorp Finance Limited and Care Credit and Investments Company Private Ltd., both NBFCs with registered offices in Tamil Nadu. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the companies cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Emcorp Finance Limited and Care Credit and Investments Company Private Ltd. for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that following cancellation of the registration certificate, the companies cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full license cancellation, which is severity 5 under the rubric.
Both companies lose the ability to conduct NBFC business from the cancellation date stated in the release. Customers and counterparties should expect the entities to cease non-banking financial institution activity, while the named companies remain subject to the legal consequences of the CoR cancellation.
Published as Care Credit and Investments Company Private Ltd.
Published as Emcorp Finance Limited
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