Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
3 Jul 2008
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Nawanshahr Doaba Finlease Private Limited, whose registered office is at Nawanshahr, Punjab, under Section 45-IA(6) of the RBI Act, 1934. The cancellation means the company is no longer permitted to transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Nawanshahr Doaba Finlease Private Limited under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution.
Operating Impact
The company must stop NBFC operations and cannot undertake non-banking financial institution business after the cancellation. The restriction directly affects the entity and any customers or counterparties relying on its NBFC activities.
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
- 18 Jun 2008
- Effective From
- 18 Jun 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC