Case Brief
What Happened
The Reserve Bank of India exercised its powers under Section 45-IA of the RBI Act, 1934, to cancel the Certificate of Registration issued to Sran Finvest Private Limited, Moga, on January 17, 2003. As a result, the company cannot carry on the business of a non-banking financial institution. RBI also prohibited it 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 and conditions of the deposit contract.