Cancellation of the certificate of registration
Case Brief
On January 14, 2002, the Reserve Bank of India cancelled the certificate of registration of Ram Mohan Financial Services Ltd. under Section 45 IA(6) of the RBI Act, 1934. This means the company cannot operate as a non-banking financial institution. The release also states that the company is prohibited from accepting deposits under Section 45MB(1) and from alienating assets under Section 45MB(2) without prior RBI permission.
The Reserve Bank of India cancelled the certificate of registration of Ram Mohan Financial Services Ltd. under Section 45 IA(6) of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution as defined under Section 45 IA(a). It has also been prohibited under Section 45MB(1) from accepting deposits and under Section 45MB(2) from alienating assets without the prior permission of the Reserve Bank.
Severity Assessment
Cancellation of the certificate of registration is a licence cancellation, which is severity 5 regardless of any additional restrictions.
Ram Mohan Financial Services Ltd. must stop carrying on NBFC business. It cannot accept deposits or transfer/alienate assets unless it first obtains RBI permission, affecting the company and its depositors/counterparties.
Published as Ram Mohan Financial Services Ltd.
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