Certificate of Registration of Manchanda Finlease Private Limited - Cancelled
Case Brief
On February 17, 2014, the Reserve Bank of India cancelled the Certificate of Registration of Manchanda Finlease Private Limited, whose registered office is in Hyderabad, under Section 45-IA(6) of the RBI Act, 1934. RBI stated that the company had voluntarily exited from carrying on non-banking financial institution activities. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled Certificate of Registration No. B-09.00302 issued to Manchanda Finlease Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had voluntarily exited from carrying on non-banking financial institution activities, and therefore the registration was cancelled. As a result, the company is no longer permitted to carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it terminates the entity’s ability to operate as an NBFC.
The company is barred from carrying on NBFC/NBFI business going forward. This removes its regulatory authorization to transact as a non-banking financial institution, affecting its operations and any related counterparties or customers dealing with such activities.
Published as Manchanda Finlease Private Limited
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