Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
17 Sept 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Dheva Investments & Finance (India) Pvt. Limited, Chennai, on September 8, 2005. The cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company is no longer permitted to carry on the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to Dheva Investments & Finance (India) Pvt. Limited under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states the company was registered to carry on the business of a non-banking financial institution, and that following cancellation it cannot transact that business.
Operating Impact
The company must stop transacting NBFC business. This removes its ability to operate as a non-banking financial institution going forward, affecting its business activities and counterparties dealing with it in that capacity.
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
- 8 Sept 2005
- Effective From
- 8 Sept 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC