Reserve Bank Cancels Certificate of Registration of Marichi Finance and Leasing Limited, Hyderabad
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Marichi Finance and Leasing Limited, whose registered office is in Hyderabad, on June 4, 2003. The action was taken under Section 45IA of the RBI Act, 1934. As a result, the company is no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to Marichi Finance and Leasing Limited, Hyderabad, on June 4, 2003. The release states the cancellation was under Section 45IA of the RBI Act, 1934, and that the company can no longer carry on the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC certificate of registration is a licence cancellation, which is severity 5 regardless of whether any monetary penalty is involved.
Marichi Finance and Leasing Limited must stop NBFC operations and cannot legally continue its non-banking financial institution business after the cancellation. The restriction directly affects the company and its customers/counterparties relying on its NBFC activities.
Published as Marichi Finance and Leasing Limited
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