Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Jun 2008
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Dhanwanti Investment Limited, Nellore, on April 04, 2008 under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit the non-banking financial institution business. As a result, Dhanwanti Investment Limited is no longer permitted to transact the business of a non-banking financial institution.
Why RBI Acted
On April 04, 2008, the Reserve Bank of India cancelled the certificate of registration granted to Dhanwanti Investment 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 following cancellation it cannot transact that business.
Operating Impact
Dhanwanti Investment Limited cannot carry on non-banking financial institution business going forward. This affects the company directly and removes its ability to operate in the regulated NBFC/financial institution space.
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
- 4 Apr 2008
- Effective From
- 4 Apr 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC