Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
8 Apr 2009
Case Brief
On January 30, 2009, the Reserve Bank of India cancelled the Certificate of Registration of M/s Avkash Holdings Private Limited, whose registered office was in Pune. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, because the company had opted to exit the business of a non-banking financial institution. As a result, the company can no longer transact NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Avkash Holdings Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore the registration was cancelled.
Operating Impact
M/s Avkash Holdings Private Limited is no longer permitted to carry on non-banking financial institution business. The restriction is final in effect and removes the company's ability to transact as an NBFC; counterparties should not rely on it for NBFC activities.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 30 Jan 2009
- Effective From
- 30 Jan 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC