Reserve Bank Cancels Certificate of Registration of Gopal Arya Finance Private Ltd., Jammu
Case Brief
The Reserve Bank of India, on July 22, 2003, cancelled the Certificate of Registration granted to Gopal Arya Finance Private Limited, Jammu, for carrying on the business of a non-banking financial institution. The action was taken under Section 45IA of the RBI Act, 1934. As a result, the company is prohibited from transacting NBFC business, but it remains under an obligation to repay public deposits in accordance with the terms of the deposit contracts, if any.
The Reserve Bank of India cancelled the Certificate of Registration granted to Gopal Arya Finance Private Limited, Jammu, for carrying on the business of a non-banking financial institution. The cancellation was issued under Section 45IA of the RBI Act, 1934. After cancellation, the company cannot transact non-banking financial institution business, though it remains obliged to repay public deposits according to the deposit contract terms, if any.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a licence cancellation, which carries severity 5.
Gopal Arya Finance Private Limited must stop carrying on NBFC business and cannot continue operating as a registered non-banking financial institution. Public depositors remain entitled to repayment in line with their deposit contract terms, if any. The cancellation takes effect from July 22, 2003.
Published as Gopal Arya Finance Private Limited
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