Reserve Bank Cancels Certificate of Registration of Ramya Sai Investment and Finance Limited, Nandyal
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to Ramya Sai Investment and Finance Limited, whose registered office is in Nandyal, Andhra Pradesh, on 27 August 2003. The release says the company had been carrying on the business of a non-banking financial institution and that, following cancellation, it cannot transact NBFC business. The action is taken under Section 45IA of the RBI Act, 1934.
The Reserve Bank of India cancelled the certificate of registration granted to Ramya Sai Investment and Finance Limited on 27 August 2003. The release states that the company was registered to carry on the business of a non-banking financial institution, and that following cancellation it cannot transact that business. The action is taken under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Severity Assessment
Cancellation of an NBFC’s certificate of registration is a full licence cancellation, which is severity 5.
Ramya Sai Investment and Finance Limited is barred from carrying on non-banking financial institution business from the effective cancellation date. The restriction directly affects the company and prevents it from operating as an NBFC; the release also notes RBI’s power under Section 45MB to prohibit acceptance of deposits and asset alienation, though the operative action here is certificate cancellation.
Published as Ramya Sai Investment and Finance Limited
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