Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
19 Oct 2007
Case Brief
On September 25, 2007, the Reserve Bank of India cancelled the certificate of registration granted to M/s. Morgan Finvest Pvt. Ltd. (formerly Carewell Finvest Private Limited), whose registered office was at 53, Friends Colony (East), New Delhi. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, in relation to the company's authorization to carry on the business of a non-banking financial institution. As a result, the company is no longer permitted to transact NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration of M/s. Morgan Finvest Pvt. Ltd. (formerly Carewell Finvest Private Limited) under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and that after cancellation it cannot transact such business.
Operating Impact
M/s. Morgan Finvest Pvt. Ltd. loses its RBI registration and cannot continue operating as a non-banking financial institution. The restriction applies immediately from the cancellation date, affecting the company and its ability to conduct NBFC business.
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
- 25 Sept 2007
- Effective From
- 25 Sept 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC
Related Entities
Entities similar to M/s. Morgan Finvest Pvt. Ltd