Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of four NBFCs: Gem Investments & Trading Co Pvt Ltd, Shri Lakhavi Financial Services Limited (also referenced as Zenlabs Ethica Limited on the MCA portal), Vistar Financiers Pvt Ltd, and Ambica Barter Pvt Ltd. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, these companies are prohibited from transacting the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.