Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
11 Oct 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Electromax Finance Private Limited (formerly Vinod Leasing Private Limited), whose registered office was in Jodhpur. The cancellation was made on September 26, 2005 under Section 45-IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. This is a licence-cancellation action against an NBFC.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration issued to Electromax Finance Private Limited (formerly Vinod Leasing Private Limited) on September 26, 2005. The action was taken under Section 45-IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company / institution.
Operating Impact
Electromax Finance Private Limited can no longer operate as a registered non-banking financial company. The cancellation affects the company directly and removes its authority to carry on the business of a non-banking financial institution.
Regulatory Basis
- Section 45-IA 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
- 26 Sept 2005
- Effective From
- 26 Sept 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC
Related Entities
Entities similar to Electromax Finance Private Limited