Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
26 May 2008
Case Brief
On April 28, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Laxman Printers Private Limited, whose registered office is in Janakpuri, New Delhi, for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following the cancellation, the company 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. Laxman Printers Private Limited under Section 45-IA(6) of the RBI Act, 1934. The company was registered to carry on the business of a non-banking financial institution, and the cancellation means it cannot continue that business.
Operating Impact
The company is barred from carrying on NBFC activities going forward. Customers and counterparties should not engage it for non-banking financial services, and the restriction is effective from the cancellation date, April 28, 2008.
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
- Order Date
- 28 Apr 2008
- Effective From
- 28 Apr 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC