Certificate of Registration Cancelled as `surrendered'
Case Brief
The Reserve Bank of India notified that it has cancelled, as surrendered, the Certificate of Registration issued to Beeyamaar Finance Private Limited under Section 45-IA(6) of the RBI Act, 1934. The cancellation took effect on October 25, 2002. As a result, the company is not permitted to transact the business of a non-banking financial institution under the Act.
Under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled, as 'surrendered' on October 25, 2002, the Certificate of Registration issued to Beeyamaar Finance Private Limited to carry on the business of a non-banking financial institution. The release states that the company can no longer transact the business of a non-banking financial institution as defined under Section 45-I(a).
Severity Assessment
Cancellation of the Certificate of Registration is a licensing action that fully removes the entity’s ability to operate as an NBFC, which falls in severity 5.
Beeyamaar Finance Private Limited loses the legal ability to operate as a non-banking financial institution. Customers and counterparties should not treat it as an authorised NBFC after the cancellation date.
Published as Beeyamaar Finance Private Limited
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