Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of six NBFCs under Section 45-IA(6) of the RBI Act, 1934. The companies named in the release are Star Line Leasings Limited, Target Credit and Capital Private Limited, Vishwakarma Strips and Investments Private Limited, Purohit Finlease Limited, Royal Moga Hire Purchase Private Limited, and Oak Finalease Limited (formerly Eness Finalease Private Limited). As a result, these entities cannot transact the business of a non-banking financial institution under Section 45-I(a) of the Act.