RBI cancels Certificate of Registration of 4 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of four NBFCs under Section 45-IA(6) of the RBI Act, 1934. The named entities are M/s Neelanjali Engineering Private Limited, M/s Novoflex Tradecom Private Limited, M/s Guide Investments and Trading Co. Pvt. Ltd., and M/s Enol Ventures Private Limited. The cancellation means these companies cannot transact the business of a non-banking financial institution as defined under Section 45-I(a) of the Act.
The RBI cancelled the Certificate of Registration of four non-banking financial companies in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the companies are no longer permitted to transact the business of a non-banking financial institution under clause (a) of Section 45-I of the Act.
Severity Assessment
Cancellation of Certificate of Registration is a licence cancellation, which is severity 5 regardless of any monetary amount.
The four companies are barred from conducting NBFC business from the cancellation dates mentioned in the release. Customers, borrowers, and counterparties should no longer treat them as authorized NBFCs for new transactions or ongoing NBFC activities.
Published as M/s Neelanjali Engineering Private Limited
Published as M/s Guide Investments and Trading Co. Pvt. Ltd.
Published as M/s Novoflex Tradecom Private Limited
Published as M/s Enol Ventures Private Limited
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