Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
22 Jun 2010
Case Brief
On May 25, 2010, the Reserve Bank of India cancelled the certificate of registration originally granted on January 9, 2003 to M/s. Mewar Industries Limited, now known as Brahmaputra Infraproject Limited, whose registered office is in New Delhi. RBI said the cancellation was because the company had voluntarily exited from the business. The action was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Why RBI Acted
The Reserve Bank of India cancelled, on May 25, 2010, the certificate of registration granted on January 9, 2003 to M/s. Mewar Industries Limited, presently known as Brahmaputra Infraproject Limited. The release states that the cancellation was because the company had voluntarily exited from the business. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Operating Impact
The company can no longer transact the business of a non-banking financial institution. This ends its RBI-authorised NBFC activity going forward; no deadline is stated beyond the cancellation date of May 25, 2010.
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
- 25 May 2010
- Effective From
- 25 May 2010
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC