Certificate of Registration of M/s Arshdeep Finance Limited Cancelled
Case Brief
On December 6, 2013, the Reserve Bank of India cancelled the Certificate of Registration (CoR) No. A-14.00323 issued to M/s Arshdeep Finance Limited. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. After the cancellation, the company is not permitted to conduct the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration (CoR) No. A-14.00323 dated March 15, 2011 issued to M/s Arshdeep Finance Limited. The release states that, by virtue of Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI may cancel the registration certificate of a non-banking financial company. As a result of the cancellation, the company cannot carry on the business of a non-banking financial institution as defined under Section 45-I(a) of the Act.
Severity Assessment
Cancellation of a non-banking financial company’s CoR is a licence cancellation, which is severity 5.
M/s Arshdeep Finance Limited loses permission to operate as a non-banking financial institution from the cancellation date. This prevents the company from undertaking NBFC business and affects its ability to offer such services going forward.
Published as M/s Arshdeep Finance Limited
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