Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
21 Jul 2005
Case Brief
On July 16, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Haridas Finance and Leasing Limited, whose registered office was in Secunderabad. The cancellation was made under Section 45-IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company engaged in the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration issued to Haridas Finance and Leasing Limited under Section 45-IA of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and RBI has the power under that section to cancel the registration certificate of an NBFC.
Operating Impact
Haridas Finance and Leasing Limited is no longer permitted to carry on NBFC business under its RBI registration. The action directly affects the company and removes its authority to operate as a registered non-banking financial institution.
Regulatory Basis
- Section 45-IA of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 16 Jul 2005
- Effective From
- 16 Jul 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC