RBI cancels Certificate of Registration of seven NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of seven companies, including Coorg Tea Company Limited and six other named firms, under Section 45-IA(6) of the RBI Act, 1934. The release provides each company’s registered office, CoR number, and cancellation order date. Following cancellation, these companies are not permitted to transact the business of a Non-Banking Financial Institution under the RBI Act.
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration (CoR) of seven companies. The release lists the affected companies and their CoR and cancellation order dates. As a consequence, the companies are barred from transacting the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which the rubric assigns severity 5.
All seven affected companies must stop NBFC activities immediately and cannot lawfully carry on non-banking financial institution business. Customers, borrowers, and counterparties should treat the entities as no longer authorised to operate as NBFCs. The order is effective from the stated cancellation dates for each company.
Published as Coorg Tea Company Limited
Published as Trimurthi Finvest Limited
Published as J.V.Modi Securities Limited
Published as Purvi Finvest Limited
Published as East West Finvest India Limited
Published as K K Patel Finance Limited
Published as Genfin Capital Private Limited
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