Case Brief
What Happened
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificates of Registration of 32 companies. The release names each affected company and states the respective dates of cancellation. As a result, the companies shall not transact the business of a Non-Banking Financial Institution under the RBI Act.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkata, West Bengal
- Order Date
- Unknown date
- Effective From
- 11 Sept 2018
- Entities Affected
Why RBI Acted
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 32 named companies. The press release lists each company and its date of cancellation. The stated consequence is 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 CoR is a licence-cancellation action, which carries severity 5 regardless of amount.
Impact
All 32 named companies are barred from carrying on NBFC business going forward. Customers and counterparties should treat them as no longer authorised to operate as registered NBFCs from the stated cancellation dates.
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
- 11 Sept 2018
Affected Entities
- Girik Estates Private LimitedNBFC · Primary
Published as Girik Estates Private Limited
- Lark Marketing Pvt. LtdNBFC · Bulk Member
Published as Lark Marketing Pvt. Ltd.
- Tirupati Realtors Pvt. LtdNBFC · Bulk Member
Published as Tirupati Realtors Pvt. Ltd.
- Sugan Leasing Private LimitedNBFC · Bulk Member
Published as Sugan Leasing Private Limited
- Jackpot Finance Limited
Published as Jackpot Finance Limited
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.