Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of five non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The affected entities are Jahangirabad Finance Company Private Limited, A H P Motor Finance Private Limited, Onam Trading & Investment Private Limited, Arogya Dhan Varsha Finance & Investment Pvt Ltd, and Protchem Finance Limited. As a result, these companies cannot transact the business of a non-banking financial institution as defined under Section 45-I(a) of the Act.