Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
21 Jan 2008
Case Brief
On November 30, 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Pavana Putra Financial and Investments Limited, whose registered office is at No. 17, Plat Form Road, Bangalore 560020. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the company cannot 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. Pavana Putra Financial and Investments Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the registration was cancelled for carrying on the business of a non-banking financial institution, and that following cancellation the company cannot transact the business of a non-banking financial institution.
Operating Impact
The company is barred from carrying on non-banking financial institution business after the cancellation takes effect. This directly affects the entity and any customers or counterparties relying on it for NBFC services.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I(a) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 30 Nov 2007
- Effective From
- 30 Nov 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC