Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
20 Dec 2004
Case Brief
On December 17, 2004, the Reserve Bank of India cancelled the Certificate of Registration issued to M/s. Perfect Holdings Ltd., whose registered office is in Surendranagar. The order was issued under Section 45IA of the RBI Act, 1934, which gives RBI the power to cancel the registration certificate of a non-banking financial company. This action removes the company’s authorization to carry on the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration issued to M/s. Perfect Holdings Ltd., Surendranagar, on December 17, 2004. The cancellation was exercised under Section 45IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company carrying on the business of a non-banking financial institution.
Operating Impact
Perfect Holdings Ltd. can no longer carry on the business of a non-banking financial institution. The cancellation is a full regulatory stop on its NBFC activities, affecting the company and any customers or counterparties relying on its regulated lending/financial operations.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 17 Dec 2004
- Effective From
- 17 Dec 2004
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC