Certificate of Registration cancelled - Team Finance Company Ltd.
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Team Finance Company Ltd. on March 12, 2003 under Section 45-IA of the RBI Act, 1934. This means the company can no longer carry on the business of a non-banking financial institution. RBI also prohibited the company from accepting deposits and from alienating assets under Sections 45MB(1) and 45MB(2), while noting that it must still repay existing public deposits according to the contract terms.
The Reserve Bank of India cancelled, on March 12, 2003, the Certificate of Registration issued to Team Finance Company Ltd. under Section 45-IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. As a consequence, the company cannot transact the business of a non-banking financial institution as defined in Section 45-IA(a). The release also states that the company is prohibited from acceptance of deposits under Section 45MB(1) and from alienation of assets under Section 45MB(2).
Severity Assessment
Cancellation of the Certificate of Registration is a licence cancellation, which carries severity 5 regardless of any additional prohibitions.
Team Finance Company Ltd. must stop operating as a non-banking financial institution and cannot accept fresh deposits or transfer assets. Public depositors are still entitled to repayment as per their contractual terms, so the company remains obligated to service existing deposit liabilities.
Published as Team Finance Company Ltd.
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