Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
2 Feb 2010
Case Brief
RBI issued a cancellation order under Section 45-IA(6) of the RBI Act, 1934, cancelling the certificates of registration of nine companies. The affected entities are listed in the release and include firms based in Mumbai, Pune, Bidar/Udgir and Ahmedabad. As a result of the cancellation, these companies cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificates of registration granted to nine companies for carrying on the business of a non-banking financial institution, acting under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that following cancellation of the registration certificate, the companies cannot transact the business of a non-banking financial institution.
Operating Impact
All nine listed companies lose their NBFC registration and must stop carrying on non-banking financial institution business. The restriction is immediate for the listed cancellation dates, and it affects the companies' ability to accept or conduct NBFC activities going forward.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 23 Nov 2009
- Effective From
- 23 Nov 2009
- Entities Affected
- 9
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to A.D. Cotton Mills Pvt. Ltd
Capricon Infin Pvt. Ltd
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction
Dhamria Financial Services Ltd
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction
G.M. Somjee Finance Pvt. Ltd
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction
Ind Finance & Securities Trust Private Limited
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction
Inducon India Ltd
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction