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M/s Megha Investments Private Ltd

NBFCKolkata, West Bengal

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

23 Jul 2018

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of eight companies under Section 45-IA(6) of the RBI Act, 1934. The companies are NBFCs and include M/s Vintage Securities Limited, M/s Klass Traders Private Limited, M/s Hercules Trading Corporation Private Limited, M/s Nicco Financial Services Limited, M/s Denovo Investments Limited, M/s Maloo Traders (P) Limited, M/s Megha Investments Private Ltd, and M/s SKIL Capital Limited. Following cancellation, these entities are not permitted to transact the business of a Non-Banking Financial Institution as defined in the RBI Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of eight companies registered as NBFCs. The release lists the affected companies and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.

Operating Impact

The eight named companies can no longer carry on NBFC business. This directly affects their ability to originate or conduct non-banking financial institution activities, and counterparties should treat them as no longer authorized to operate as NBFCs.

Regulatory Basis

  • Section 45-IA (6) of the Reserve Bank of India Act, 1934
  • Section 45-I of the RBI Act, 1934

Action Facts

Primary Impact
License cancellation
Effective From
13 Jun 2018
Entities Affected
8
Entity Role
Bulk Member
Entity Type
NBFC

Related Entities

Entities similar to M/s Megha Investments Private Ltd

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  1. M/s Denovo Investments Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  2. M/s Hercules Trading Corporation Private Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  3. M/s Klass Traders Private Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  4. M/s Maloo Traders (P) Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  5. M/s Nicco Financial Services Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction