Reserve Bank Cancels Certificate of Registration of Shrilekha Hire Purchase Finance Ltd., Secunderabad
Case Brief
The Reserve Bank of India cancelled the certificate of registration of Shrilekha Hire Purchase Finance Limited on August 13, 2003. The company, an NBFC with its registered office in Secunderabad, had amalgamated with Pioneer Overseas Finance, Pondicherry, which was cited as the basis for the cancellation under Section 45IA of the RBI Act, 1934. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
On August 13, 2003, the Reserve Bank of India cancelled the certificate of registration granted to Shrilekha Hire Purchase Finance Limited, a non-banking financial company with registered office in Secunderabad, because the company had amalgamated with Pioneer Overseas Finance, Pondicherry. The cancellation was issued under Section 45IA of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution; the release also notes RBI’s powers under Section 45MB to prohibit acceptance of deposits and alienation of assets.
Severity Assessment
Cancellation of a certificate of registration is a severe licensing action and is rated 5.
Shrilekha Hire Purchase Finance Limited is barred from carrying on NBFC business after the cancellation takes effect. The release also references RBI’s powers to prohibit acceptance of deposits and alienation of assets, reinforcing the company’s inability to operate as an NBFC.
Published as Shrilekha Hire Purchase Finance Limited
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.
© 2026 RegOversight by OddVector