Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of six companies under Section 45-IA(6) of the RBI Act, 1934. The named entities are Sujala Commercial Ltd., Alchemist Capital Limited, Lyton Consultancy Pvt. Ltd., Goel Cottex Limited (presently M/s PLG Plast Ltd), J.J. Investment Counsel Private Ltd., and Kuldip Finance Limited. The release does not spell out the underlying factual violations; it states the legal consequence that these companies shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.