Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
7 Oct 2014
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s S.B.Overseas Pvt Limited and M/s Odyssey Dealcom Pvt Limited, both non-banking financial companies, for carrying on the business of a non-banking financial institution. As a result of the cancellation, these companies are no longer permitted to transact NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration of the listed non-banking financial companies for carrying on the business of non-banking financial institution. After cancellation, the companies cannot transact the business of a non-banking financial institution.
Operating Impact
The two NBFCs must stop carrying on non-banking financial institution business. Customers and counterparties should no longer treat them as authorised NBFCs for fresh business after the cancellation takes effect.
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 2
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s Odyssey Dealcom Pvt Limited