Certificate of Registration Cancelled
Case Brief
The Reserve Bank of India, using its powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of Shravani Financial Services Private Limited (formerly Pesala Financial Services Limited) on August 26, 2002. The company, based in Hyderabad, is therefore barred from carrying on the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration issued to Shravani Financial Services Private Limited (formerly Pesala Financial Services Limited) under Section 45-IA(6) of the RBI Act, 1934. The release states that, as a result, the company cannot transact the business of a non-banking financial institution as defined under Section 45-I(a).
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which is a severity 5 action.
Shravani Financial Services Private Limited can no longer operate as a non-banking financial institution. Customers, counterparties, and other stakeholders cannot rely on it for NBFC activities after the cancellation date of August 26, 2002.
Published as Shravani Financial Services Private Limited
Published as Pesala Financial Services Limited
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