Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
24 Sept 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 14 companies, including Banhem Securities Private Limited, Esquire Engineering Ltd., J.V. Gokal Finance And Investments Private Limited, and others, under Section 45-IA(6) of the RBI Act, 1934. The order means these entities are no longer permitted to transact the business of a Non-Banking Financial Institution as defined in the Act. The release provides the names, registered office addresses, CoR numbers, issue dates, and cancellation dates for each company.
Why RBI Acted
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration (CoR) of 14 companies. As a result, these entities ceased to be permitted to transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act. The notice lists each company and the respective date of cancellation, with the latest date shown as June 30, 2018 or August 01, 2018 depending on the company.
Operating Impact
The 14 affected companies must stop carrying on NBFC business immediately upon cancellation of their CoR. Customers and counterparties should not treat them as authorised non-banking financial institutions going forward. The action is effective from the stated cancellation dates (June 30, 2018 or August 01, 2018, depending on the company).
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I(a) of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 1 Aug 2018
- Effective From
- 1 Aug 2018
- Entities Affected
- 14
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to Banhem Securities Private Limited
Esquire Engineering Ltd
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Gold Rock Agro-Tech Limited
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Gold Rock Metals Limited
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J.V. Gokal Finance And Investments Private Limited
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1 shared action
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Kalyani Financial Services Ltd
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