Case Brief
What Happened
On December 11, 2003, the Reserve Bank of India cancelled the Certificate of Registration issued to Namdhari Leasing Limited, New Delhi, under Section 45IA of the RBI Act, 1934. The cancellation prevents the company from transacting the business of a non-banking financial institution. RBI also prohibited the company from accepting deposits and from alienating its assets under Sections 45MB(1) and 45MB(2). The company must still repay public deposits according to the contract terms.