Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 32 companies under Section 45-IA(6) of the RBI Act, 1934. The entities listed are no longer permitted to transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the Act. The affected companies include a mix of private limited companies and listed entities, with registered offices mainly in Kolkata, West Bengal, and one in Jorhat, Assam.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkata, West Bengal
- Order Date
- Unknown date
- Effective From
- 7 Aug 2018
- 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 Certificate of Registration (CoR) of 32 listed companies. The release states that 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 Certificate of Registration is a severity 5 action because it removes the entities' authorization to operate as NBFCs.
Impact
All 32 named companies lose their NBFC registration and must stop conducting non-banking financial institution business. This affects their ability to carry on regulated lending/financial activities as NBFCs and requires immediate compliance with the cancellation order; customers and counterparties should treat them as no longer authorized NBFCs.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Restrictions & Effective Timeline
- Effective From
- 7 Aug 2018
Affected Entities
- J.G. Industries LimitedNBFC · Bulk Member
Published as J.G. Industries Limited
- Contact Suppliers Private LimitedNBFC · Bulk Member
Published as Contact Suppliers Private Limited
- G.K. Trading Private LimitedNBFC · Bulk Member
Published as G.K. Trading Private Limited
- K.T. Resources Private LimitedNBFC · Bulk Member
Published as K.T. Resources Private Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.