Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of six companies under Section 45-IA(6) of the RBI Act, 1934. The companies named are Cartel Finance and Investments Private Limited, Alamgir Motor Finance Limited, Nau-Nidh Finance Limited, Kim Investment Limited, Sambandh Finserve Private Limited, and BTL Holding Company Limited. Following cancellation, they are not permitted to transact the business of a non-banking financial institution under Section 45-I(a) of the RBI Act, 1934.