Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 30 NBFCs named in the release, acting under Section 45-IA(6) of the RBI Act, 1934. The named firms include Mettur Finance Limited, Veer Motor Finance Private Limited, Robinson Holdings (P) Ltd., and others. Following cancellation, the release expressly says these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Mettur Dam, Tamil Nadu
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
Why RBI Acted
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration (CoR) of 30 named companies. The release states that, as a result, these companies shall not 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 a Certificate of Registration is a licence cancellation, which is a severity 5 action regardless of the absence of a monetary penalty.
Impact
The named companies lose their authority to operate as NBFCs and must stop transacting NBFC business. The action affects the 30 entities listed in the release; any ongoing lending or other NBFC activities must cease, and counterparties should not treat them as registered NBFCs going forward.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Affected Entities
- Veer Motor Finance Private LimitedNBFC · Bulk Member
Published as Veer Motor Finance Private Limited
- Epza Vinimay (P) LtdNBFC · Bulk Member
Published as Epza Vinimay (P) Ltd.
- Geekay Comfin (P) LtdNBFC · Bulk Member
Published as Geekay Comfin (P) Ltd.
- Anushikha Investments Pvt. LtdNBFC · Bulk Member
Published as Anushikha Investments Pvt. Ltd.
- Omega Fintex Private Limited
Published as Omega Fintex Private Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.