Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
14 Dec 2006
Case Brief
On November 15, 2006, the Reserve Bank of India cancelled the Certificate of Registration of M/s Madhushree Enterprises Private Limited, formerly Madhushree Finance and Allied Services Limited. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, because the company had opted to exit the business of a non-banking financial institution. As a result, the company cannot transact the business of a non-banking financial institution anymore.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Madhushree Enterprises Private Limited under Section 45-IA(6) of the RBI Act, 1934. The company had opted to exit from the business of a non-banking financial institution, so RBI cancelled its registration certificate and it can no longer transact that business.
Operating Impact
M/s Madhushree Enterprises Private Limited is no longer permitted to carry on non-banking financial institution business. This removes its ability to undertake NBFC activities going forward.
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
- 15 Nov 2006
- Effective From
- 15 Nov 2006
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC