Certificate of Registration Cancelled as Surrendered
Case Brief
RBI notified that it cancelled, as surrendered on October 26, 2002, the Certificate of Registration issued to Mahaan Hire Purchase and Finance Limited under Section 45-IA(6) of the RBI Act, 1934. The registration had authorised the company to carry on business as a non-banking financial institution. Following the cancellation, the company is not permitted to transact NBFC business under the Act.
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled as 'surrendered' the Certificate of Registration issued to Mahaan Hire Purchase and Finance Limited for carrying on the business of a Non-Banking Financial Institution. As a result, the company is prohibited from transacting NBFC business as defined under Section 45-I(a).
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a licence cancellation, which carries severity 5 regardless of any fine.
Mahaan Hire Purchase and Finance Limited must stop NBFC activities and cannot legally undertake non-banking financial institution business going forward. Customers and counterparties should not treat it as a registered NBFC for regulated lending/finance operations.
Published as Mahaan Hire Purchase and Finance Limited
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