RBI cancels Certificate of Registration of Twelve NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 12 companies under Section 45-IA(6) of the RBI Act, 1934. The release lists each affected company and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution under the Act.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificates of Registration of 12 companies. The cancellation means these entities are no longer permitted to carry on 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 licence cancellation action, which is severity 5 regardless of any monetary amount.
The twelve named companies can no longer operate as NBFCs or undertake non-banking financial institution business. Customers, borrowers, and counterparties should no longer treat them as registered NBFCs, and the cancellation is effective from the respective dates mentioned in the release.
Published as Abbott Marketing Private Limited
Published as Ambo Credit Private Limited
Published as Belvedere Commercials Ltd.
Published as Unitech Capital Private Limited (Formerly known as Libor Fiscal Pvt. Ltd.)
Published as Padamsagar Enterprises Private Limited
Published as Aakansha Trexim Private Limited
Published as Rungta Carriers Ltd.
Published as Padmanabham Overseas Private Limited
Published as Punam Stock Brokings Private Limited
Published as Bimalnath Impex Pvt. Ltd.
Published as Sukhmani Finvest Private Limited (presently known as Sukhmani Finvest Ltd.)
Published as Magnum Financial Services Pvt. Ltd.
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