Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
8 Sept 2004
Case Brief
On September 1, 2004, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Chillakuru Investments Private Limited, whose registered office was in Hyderabad. The action was taken under Section 45IA of the RBI Act, 1934. The release does not provide a detailed factual misconduct narrative; it only states the cancellation and the consequent loss of authority to carry on non-banking financial business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Chillakuru Investments Private Limited under Section 45IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution / non-banking financial company. The release does not specify the underlying factual breaches or violations; it only states that, following cancellation, the company can no longer transact the business of a non-banking financial institution.
Operating Impact
The company is barred from transacting the business of a non-banking financial institution after the cancellation takes effect. This directly affects the entity and any customers or counterparties relying on its NBFC operations.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 1 Sept 2004
- Effective From
- 1 Sept 2004
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC