RBI cancels Certificate of Registration of M/s Prashant Industries Pvt Limited and P.D.Industries Pvt Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of two non-banking financial companies, namely M/s Prashant Industries Pvt Limited and P.D.Industries Pvt Limited. The action was taken because they were carrying on the business of a non-banking financial institution, and the cancellation means they can no longer transact such business.
The Reserve Bank of India cancelled the Certificate of Registration of the listed non-banking financial companies for carrying on the business of non-banking financial institution. As a result of the cancellation, the companies can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration cancellation, which carries severity 5.
Both NBFCs lose the ability to carry on non-banking financial institution business. They must cease regulated NBFC operations, and counterparties/customers can no longer treat them as authorised to conduct that business.
Published as P.D.Industries Pvt Limited
Published as M/s Prashant Industries Pvt Limited
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