Case Brief
What Happened
The Reserve Bank of India cancelled the Certificates of Registration of 31 companies under Section 45-IA(6) of the RBI Act, 1934. The release lists the affected entities and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Not specified
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificates of Registration of 31 listed companies. The release states that, as such, the above companies shall not transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificates of Registration is a licence cancellation, which is a severity 5 action.
Impact
The 31 named companies are prohibited from carrying on NBFC business going forward. Customers and counterparties should no longer treat them as authorised non-banking financial institutions, and any future NBFC activity by these entities would be unauthorized.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Affected Entities
- Evergreen Commercial Co. LtdNBFC · Bulk Member
Published as Evergreen Commercial Co. Ltd.
- Eita Builders & Services Private Limited (Presently known as Eita Finvest Private Limited)NBFC · Bulk Member
Published as Eita Builders & Services Private Limited (Presently known as Eita Finvest Private Limited)
- Amit Mercantile & Holdings Private LimitedNBFC · Bulk Member
Published as Amit Mercantile & Holdings Private Limited
- Olympic Commercial Enterprises LimitedNBFC · Bulk Member
Published as Olympic Commercial Enterprises Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.