Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
16 Mar 2007
Case Brief
On February 13, 2007, the Reserve Bank of India cancelled the certificate of registration granted to Bhoruka Financial Services Limited, whose registered office was at White Field Road, Mahadevapura Post, Bangalore. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit from the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to Bhoruka Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore it can no longer carry on that business.
Operating Impact
Bhoruka Financial Services Limited can no longer transact the business of a non-banking financial institution. The restriction is final as a cancellation of registration, so the company must stop operating as an NBFC.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 13 Feb 2007
- Effective From
- 13 Feb 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC