Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of eight companies under Section 45-IA(6) of the RBI Act, 1934. The companies are NBFCs and include M/s Vintage Securities Limited, M/s Klass Traders Private Limited, M/s Hercules Trading Corporation Private Limited, M/s Nicco Financial Services Limited, M/s Denovo Investments Limited, M/s Maloo Traders (P) Limited, M/s Megha Investments Private Ltd, and M/s SKIL Capital Limited. Following cancellation, these entities are not permitted to transact the business of a Non-Banking Financial Institution as defined in the RBI Act.