Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of two NBFCs: M/s Kailash Ficom Limited (presently known as Mindvision Capital Limited) and M/s Goswamis Credits & Investment Private Limited (presently known as Goswamis Credits & Investment Ltd). The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the companies are prohibited from transacting the business of a non-banking financial institution under the RBI Act.