Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Jun 2009
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of six companies, all of which were registered to carry on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, these entities are barred from transacting NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the certificates of registration granted to six companies under Section 45-IA(6) of the RBI Act, 1934. As a result of the cancellation, the companies cannot transact the business of a non-banking financial institution. The release cites RBI’s power to cancel the registration certificate of an NBFC under the Act.
Operating Impact
All six companies lose the legal ability to conduct non-banking financial institution business from the stated cancellation dates. Customers and counterparties dealing with these firms in NBFC activities are affected, and the companies must cease such operations immediately.
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
- Entities Affected
- 6
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s Imperial Financial Services Private Limited
M/s Exult Holdings Private Limited
NBFC · Delhi, Delhi
1 shared action
1 restriction
M/s Flare Finance (India) Limited
NBFC · Delhi, Delhi
1 shared action
1 restriction
M/s Johar Integrated Finance Company Limited
NBFC · Delhi, Delhi
1 shared action
1 restriction
M/s Klark Realtors and Financiers Private Limited
NBFC · Delhi, Delhi
1 shared action
1 restriction
M/s Newways Finance Private Limited
NBFC · Delhi, Delhi
1 shared action
1 restriction