Reserve Bank Cancels Certificate of Registration of Four Square Leasing and Finance Limited, Chennai
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Four Square Leasing and Finance Limited, Chennai, on July 14, 2003. The cancellation was issued under Section 45IA of the RBI Act, 1934, for carrying on NBFC business. Following the cancellation, the company cannot conduct non-banking financial institution business. RBI also prohibited it from accepting deposits and from alienating its assets under Section 45MB(1) and 45MB(2).
On July 14, 2003, the Reserve Bank of India cancelled the certificate of registration granted to Four Square Leasing and Finance Limited under Section 45IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. Consequent to the cancellation, the company cannot transact NBFC business. RBI also prohibited the company from accepting deposits and from alienating its assets under Section 45MB(1) and 45MB(2).
Severity Assessment
Cancellation of an NBFC's certificate of registration is a severity-5 licensing action, and the accompanying prohibitions reinforce the full operational shutdown.
Four Square Leasing and Finance Limited can no longer operate as a non-banking financial company. It must stop NBFC business, cannot accept deposits, and cannot transfer or dispose of assets as prohibited by RBI.
Published as Four Square Leasing and Finance Limited
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