Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
3 Aug 2004
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Kant Finance Private Limited, Secunderabad, on July 27, 2004. The action was taken under Section 45IA of the Reserve Bank of India Act, 1934, and relates to the company’s authority to carry on business as a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration issued to Kant Finance Private Limited, Secunderabad, under Section 45IA of the Reserve Bank of India Act, 1934. The release states that the registration certificate of the non-banking financial company was cancelled for carrying on the business of a non-banking financial institution.
Operating Impact
Kant Finance Private Limited cannot continue NBFC business unless it obtains fresh regulatory permission. The cancellation affects the company directly and stops it from operating as a registered non-banking financial institution.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
- Section 45IA(a) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 27 Jul 2004
- Effective From
- 27 Jul 2004
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC