Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
28 May 2008
Case Brief
On May 5, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Artee Viniyoga Limited, whose registered office was in New Delhi. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, 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. Artee Viniyoga Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and after cancellation it cannot transact that business.
Operating Impact
M/s. Artee Viniyoga Limited is prohibited from carrying on NBFC business going forward. Any customers, counterparties, or lenders dealing with the company in that capacity are affected by the loss of its registration, and the company must cease 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
- 5 May 2008
- Effective From
- 5 May 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC