Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
13 Nov 2009
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of M/s. Vishnu Credits Private Limited, M/s. Nav Uday Finance & Leasing Private Limited, and M/s. Alankar Saphire Developers (P) Ltd. The order was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, each company lost the legal ability to transact the business of a non-banking financial institution from the cancellation date.
Why RBI Acted
The Reserve Bank of India cancelled the certificates of registration granted to three companies for carrying on the business of a non-banking financial institution. The companies were: Vishnu Credits Private Limited, Nav Uday Finance & Leasing Private Limited, and Alankar Saphire Developers (P) Ltd. The cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following cancellation, the companies cannot transact the business of a non-banking financial institution.
Operating Impact
These companies must stop carrying on NBFC business from October 9, 2009. Customers and counterparties can no longer rely on them to undertake non-banking financial institution activities.
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
- 9 Oct 2009
- Effective From
- 9 Oct 2009
- Entities Affected
- 3
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s. Nav Uday Finance & Leasing Private Limited