Certificate of Registration cancelled - Kalpavrikasha Industries Ltd. (formerly Orchaltree Leasing & Financing Ltd.)
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Kalpavriksha Industries Ltd. (formerly Orchaltree Leasing & Financing Ltd.) on November 13, 2003 under Section 45-IA of the RBI Act, 1934. The company, which had been carrying on non-banking financial institution business from Mumbai/Thane, is therefore barred from transacting NBFC business as defined in the Act.
The Reserve Bank of India cancelled, on November 13, 2003, the Certificate of Registration issued to Kalpavriksha Industries Ltd. (formerly Orchaltree Leasing & Financing Ltd.) under Section 45-IA of the Reserve Bank of India Act, 1934. The stated effect is that the company is no longer permitted to transact the business of a non-banking financial institution as defined in Section 45-I(a) of the Act.
Severity Assessment
Cancellation of a Certificate of Registration is a licensing cancellation, which is severity 5 under the rubric.
The company must stop carrying on non-banking financial institution activities. Counterparties and customers can no longer rely on it for NBFC services, and the cancellation takes immediate forward effect from the stated date.
Published as Kalpavriksha Industries Ltd. (formerly Orchaltree Leasing & Financing Ltd.)
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