Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
13 Sept 2004
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Girija Investments Private Limited, whose registered office is in Hyderabad, on September 10, 2004. The cancellation was issued under Section 45IA of the RBI Act, 1934, for the company’s NBFC activity. After the cancellation, the firm 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. Girija Investments Private Limited, Hyderabad, under Section 45IA of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and following cancellation it cannot transact that business.
Operating Impact
M/s. Girija Investments Private Limited is barred from carrying on non-banking financial institution business after the cancellation. This removes its ability to operate as an NBFC and affects any customers or counterparties dealing with it in that capacity.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
- clause (a) of Section 45IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 10 Sept 2004
- Effective From
- 10 Sept 2004
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC