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M/s Eynthia Tie-up Pvt Ltd

NBFCGhaziabad, Uttar Pradesh

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

20 Jul 2018

Case Brief

RBI cancelled the Certificate of Registration of 12 non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The order applies to the listed companies, including Devika Motor Finance Private Limited, Aeromec Engineering Pvt. Ltd., and others, with cancellation dates from June 18 to June 28, 2018. Following cancellation, the companies are not permitted to transact the business of a Non-Banking Financial Institution as defined in the RBI Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 12 companies. As a result, these entities can no longer transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.

Operating Impact

The 12 listed companies must stop carrying on NBFC business and cannot undertake activities reserved for registered non-banking financial institutions. Customers and counterparties should treat the firms as no longer authorized to operate as NBFCs. The cancellation is effective on the respective cancellation order dates listed in the release.

Regulatory Basis

  • Section 45-IA (6) of the Reserve Bank of India Act, 1934
  • Section 45-I of the RBI Act, 1934

Action Facts

Primary Impact
License cancellation
Order Date
18 Jun 2018
Effective From
18 Jun 2018
Entities Affected
12
Entity Role
Bulk Member
Entity Type
NBFC

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