Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of seven NBFCs under Section 45-IA(6) of the RBI Act, 1934. The affected entities are Virk Hire Purchase Limited, Thakar Investments Limited, Trackway Securities and Finance Private Limited, Jindal Integrated Lea-Co-Fin Limited (presently Kashyap Tele-Medicines Limited), Kolon Investment Private Limited, Vax Housing Finance Corporation Limited, and Ankit Tracom Private Limited. Following cancellation, these companies cannot transact the business of a Non-Banking Financial Institution as defined in the RBI Act.