Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration issued to Interact Leasing & Finance Limited, New Delhi, on 14 December 2002 under Section 45 IA of the RBI Act, 1934. The cancellation means the company can no longer carry on the business of a non-banking financial institution. RBI further prohibited the company from accepting deposits under Section 45MB(1) and from alienating assets under Section 45MB(2). The company must still repay public deposits in accordance with the terms of the deposit contracts.