Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of four NBFCs: M/s Mumbai Discount Finance Private Limited, M/s Sanjay Villa Pvt. Ltd. (presently M/s BISWA Microfinance Pvt. Ltd.), M/s Multani Motor Finance Limited, and M/s Jain Sons Marketing and Investment Limited. The cancellations were made under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, the companies are not permitted to transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the Act.