Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Dec 2009
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of three non-banking financial companies: M/s. Ankur Holdings Limited, M/s. Anoj Finlease Private Limited, and M/s. Accurate Finvest Private Limited. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934. As a result, these companies are no longer permitted to carry on the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificates of registration of three companies registered as non-banking financial institutions/companies: M/s. Ankur Holdings Limited, M/s. Anoj Finlease Private Limited, and M/s. Accurate Finvest Private Limited. The order cites Section 45-IA(6) of the Reserve Bank of India Act, 1934 as the statutory basis. The release states that following cancellation of the registration certificate, the companies cannot carry on the business of a non-banking financial institution.
Operating Impact
The three affected companies must stop NBFC business activities immediately and cannot legally transact as non-banking financial institutions. Customers, counterparties, and other stakeholders dealing with these firms would be affected by the cessation of regulated NBFC operations.
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
- 23 Nov 2009
- Effective From
- 23 Nov 2009
- Entities Affected
- 3
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s. Accurate Finvest Private Limited