Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of four non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The entities named are M/s Lakshmi Exim Private Ltd, M/s Rajrishabh Finance & Investments Private Limited, M/s Chirag Viniyog & Commercial Private Limited, and M/s Aashka Holdings Private Limited (presently known as M/s Aashka Holdings Limited). Following the cancellation, these companies are no longer permitted to carry on the business of a non-banking financial institution under clause (a) of Section 45-I of the Act.