Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 192 companies under Section 45-IA(6) of the RBI Act, 1934. The affected entities are NBFCs, including the named companies listed in the release. With the cancellation in force, they are barred from transacting the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkata, West Bengal
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
Why RBI Acted
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, cancelled the Certificate of Registration of 192 companies. As a result, these companies are no longer permitted to transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificates of Registration is a licence cancellation action, which carries severity 5 regardless of any fine.
Impact
All 192 affected companies must stop conducting non-banking financial institution business immediately and cannot offer NBFC services going forward. Counterparties and customers dealing with these entities should treat them as no longer authorised to operate as NBFCs.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the RBI Act, 1934
Affected Entities
- Naveen Merico Engineering Co. Private LimitedNBFC · Primary
Published as Naveen Merico Engineering Co. Private Limited
- Mehandipua Tradelink Pvt LtdNBFC · Bulk Member
Published as Mehandipua Tradelink Pvt Ltd
- Meltron Vincom Pvt LtdNBFC · Bulk Member
Published as Meltron Vincom Pvt Ltd
- Merry Fiscal Services Pvt LtdNBFC · Bulk Member
Published as Merry Fiscal Services Pvt Ltd
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.