Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
21 Apr 2008
Case Brief
On March 17, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. International Resources Management & Leasing Corporation Ltd., a non-banking financial company with its registered office in New Delhi. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, the company is barred from transacting 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. International Resources Management & Leasing Corporation Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered for carrying on the business of a non-banking financial institution, and that following cancellation it cannot transact that business.
Operating Impact
The company must stop NBFC activities and cannot legally continue transacting as a non-banking financial institution. The restriction directly affects the entity and any counterparties relying on its NBFC operations.
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
- 17 Mar 2008
- Effective From
- 17 Mar 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC