RBI cancels Certificate of Registration of 3 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of three NBFCs under Section 45-IA(6) of the RBI Act, 1934: M/s. Malpani Holdings Private Ltd., M/s. Sachsons Leasing and Finance Private Limited, and M/s. Tej Gaurav Finance Limited. The release lists their registered office addresses and cancellation dates, and states that after cancellation they cannot transact the business of a non-banking financial institution under Section 45-I(a) of the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration of three non-banking financial companies in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that, following cancellation, these companies cannot carry on the business of a non-banking financial institution as defined under Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a full licence cancellation, which is severity 5 regardless of any other facts.
All three companies are prohibited from carrying on NBFC business going forward. This affects the firms directly and any customers/counterparties relying on their NBFC operations.
Published as M/s. Sachsons Leasing and Finance Private Limited
Published as M/s. Malpani Holdings Private Ltd.
Published as M/s. Tej Gaurav Finance Limited
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