Case Brief
What Happened
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of five companies. The entities named are Ronnie Finance Limited, V & C Vaults and Finance Ltd., Swaran Finance Limited, Mangalam Tradefin Private Limited, and Dalbir Finance and Investment Company Private Limited. The release states that, following cancellation, these companies shall not transact the business of a Non-Banking Financial Institution under the RBI Act.