Case Brief
What Happened
The RBI cancelled the Certificate of Registration of two non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934: M/s GFL Financials India Limited and M/s Alagendran Finance Limited (presently M/s Sai Jeevadhara Finance Limited). The press release does not specify the underlying violations, but states that once the registration is cancelled, these companies cannot transact the business of a non-banking financial institution under Section 45-I(a) of the RBI Act.