Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
12 Jan 2006
Case Brief
On December 27, 2005, the Reserve Bank of India cancelled the certificate of registration granted to Haryana Finance Private Limited, whose registered office was at Roshan Ara Road, New Delhi. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, and the company is now barred from carrying on the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration of Haryana Finance Private Limited under Section 45-IA(6) of the RBI Act, 1934. As a result, the company can no longer transact the business of a non-banking financial institution.
Operating Impact
Haryana Finance Private Limited cannot undertake NBFC business going forward. The restriction is effective from the cancellation date, and the company must stop transacting the business of a non-banking financial institution.
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
- 27 Dec 2005
- Effective From
- 27 Dec 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC