Cancellation of the certificate of registration as `surrendered'
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the certificate of registration issued to Sree Lalithamba Auto and General Finance Private Limited, 3-2-392 and 3-2-393, Budhvarpet, Bus Stand Road, Nirmal, Andhra Pradesh, after it was surrendered on December 16, 2002. As a result, the company is no longer authorised to transact the business of a non-banking financial institution under Section 45-IA of the Act.
Under Section 45-IA(6) of the RBI Act, 1934, RBI cancelled, as surrendered on December 16, 2002, the certificate of registration issued to Sree Lalithamba Auto and General Finance Private Limited for carrying on business as a non-banking financial institution. The company is therefore not permitted to transact NBFC business as defined under Section 45-IA(a).
Severity Assessment
Cancellation of an NBFC certificate of registration is a licence cancellation, which carries severity 5 regardless of any surrender language.
The company cannot conduct NBFC business going forward. This affects the company’s ability to accept or deploy funds in its regulated capacity and removes its registration status with RBI. There is no stated monetary penalty or compliance deadline beyond the cancellation itself.
Published as Sree Lalithamba Auto and General Finance Private Limited
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