Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
29 Sept 2005
Case Brief
On September 09, 2005, the Reserve Bank of India cancelled the certificate of registration granted to Abuzu Holdings Private Limited, Ahmedabad, under Section 45-IA of the RBI Act, 1934. The cancellation was in relation to the company’s carrying on the business of a non-banking financial institution. Following this action, the company is prohibited from transacting NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to Abuzu Holdings Private Limited, under Section 45-IA of the RBI Act, 1934. As a result of the cancellation, the company can no longer transact the business of a non-banking financial institution.
Operating Impact
Abuzu Holdings Private Limited cannot carry on or transact non-banking financial institution business after the cancellation of its registration. The restriction directly affects the company and its ability to operate as an NBFC; customers/counterparties cannot rely on it for NBFC activities.
Regulatory Basis
- Section 45-IA 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
- 9 Sept 2005
- Effective From
- 9 Sept 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC