Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
12 Dec 2008
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Blue Green Constructions & Investments Ltd., whose registered office was in Chennai, under Section 45-IA(6) of the RBI Act, 1934. The press release says the company had chosen to exit the business of a non-banking financial institution. Following the cancellation, the company is no longer permitted to conduct NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to Blue Green Constructions & Investments Ltd. 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 the registration was cancelled. As a result, the company cannot transact the business of a non-banking financial institution.
Operating Impact
The company cannot carry on any non-banking financial institution business going forward. This ends its ability to operate as an NBFC and affects its customers and counterparties only to the extent of any remaining NBFC-related transactions or obligations.
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
- 24 Nov 2008
- Effective From
- 24 Nov 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC