Case Brief
What Happened
In this release, the Reserve Bank of India cancelled the Certificate of Registration of 31 companies under Section 45-IA(6) of the RBI Act, 1934. The order covers the listed firms, including entities such as Vishwajeet Financiers Ltd., Pankaj Investments Ltd., and others across several states. Following cancellation, these companies are prohibited from transacting business as non-banking financial institutions under the RBI Act.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Howrah, West Bengal
- Order Date
- Unknown date
- Effective From
- 30 Jun 2018
- Entities Affected
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of 31 companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The companies listed in the release are therefore no longer permitted to carry on 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 full licence cancellation, which the rubric classifies at severity 5 regardless of any other factors.
Impact
All 31 named companies lose their RBI registration and must stop carrying on NBFC business. Customers, counterparties, and other stakeholders should not treat them as authorised non-banking financial institutions going forward. The restriction is effective from the respective cancellation dates listed in the release.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I(a) of the RBI Act, 1934
Restrictions & Effective Timeline
- Effective From
- 30 Jun 2018
Affected Entities
- Vishwajeet Financiers Ltd. (Presently known as Vishwajeet Financiers Pvt. Ltd.)NBFC · Primary
Published as Vishwajeet Financiers Ltd. (Presently known as Vishwajeet Financiers Pvt. Ltd.)
- Maxwell Wood Products (P) LimitedNBFC · Bulk Member
Published as Maxwell Wood Products (P) Limited
- Rajesh Viniyog Pvt. LtdNBFC · Bulk Member
Published as Rajesh Viniyog Pvt. Ltd.
- Anscor Credit Capital Private LimitedNBFC · Bulk Member
Published as Anscor Credit Capital Private Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.