Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 10 companies under Section 45-IA(6) of the RBI Act, 1934. The companies are all NBFCs, including Paridhi Trading Company Pvt Ltd, Progressive Securities Private Limited, Sanwa Finance Private Limited, Sunflex Finance and Investments Limited, Tirupati Holdings Limited, Vasant Sanghavi Securities Private Limited, Vivid Finance and Holdings Private Limited, Variety Investments Pvt Ltd, Sam Tul Investments Ltd, and Shreeramanjaneya Leasing and Finance P Ltd. The release states that the companies shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.