Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
25 Apr 2007
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. ACME Investments Limited, whose registered office is in Kanpur, under Section 45-IA(6) of the RBI Act, 1934. The release says the company opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. ACME Investments Limited for carrying on the business of a non-banking financial institution. The release states that the company had opted to exit from the NBFC business. The cancellation was made 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
M/s. ACME Investments Limited is no longer permitted to carry on NBFC business. The restriction is effective from the cancellation date, and the entity must cease transacting as 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
- 28 Mar 2007
- Effective From
- 28 Mar 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC