RBI cancels Certificate of Registration of 12 NBFCs
Case Brief
RBI cancelled the Certificate of Registration of 12 non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The order applies to the listed companies, including Devika Motor Finance Private Limited, Aeromec Engineering Pvt. Ltd., and others, with cancellation dates from June 18 to June 28, 2018. Following cancellation, the companies are not permitted to transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 12 companies. As a result, these entities can no longer transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificate of Registration is a complete licensing action with full forward-looking operational impact, which falls in severity 5.
The 12 listed companies must stop carrying on NBFC business and cannot undertake activities reserved for registered non-banking financial institutions. Customers and counterparties should treat the firms as no longer authorized to operate as NBFCs. The cancellation is effective on the respective cancellation order dates listed in the release.
Published as M/s Aeromec Engineering Pvt. Ltd.
Published as M/s Eynthia Tie-up Pvt Ltd
Published as M/s Visharda Finance Private Limited
Published as M/s Golden Lake Merchants Private Limited
Published as M/s Sunrays Agencies Pvt. Ltd.
Published as M/s Chhotulal Ajitsingh And Company Private Limited
Published as M/s Devika Motor Finance Private Limited
Published as M/s Shroff Financial Services Pvt. Ltd.
Published as M/s Dhanluxmi Textiles Ltd
Published as M/s Sarvamangal Financier Private Limited
Published as M/s Dhana Motor Finance Private Limited
Published as M/s Vanraj Suppliers Private Limited
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