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M/s Rajrishabh Finance & Investments Private Limited

NBFCKolkata, West Bengal

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

19 Dec 2016

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of four non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The entities named are M/s Lakshmi Exim Private Ltd, M/s Rajrishabh Finance & Investments Private Limited, M/s Chirag Viniyog & Commercial Private Limited, and M/s Aashka Holdings Private Limited (presently known as M/s Aashka Holdings Limited). Following the cancellation, these companies are no longer permitted to carry on the business of a non-banking financial institution under clause (a) of Section 45-I of the Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the Certificate of Registration of four non-banking financial companies in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The order lists M/s Lakshmi Exim Private Ltd, M/s Rajrishabh Finance & Investments Private Limited, M/s Chirag Viniyog & Commercial Private Limited, and M/s Aashka Holdings Private Limited (presently known as M/s Aashka Holdings Limited). As a result, these companies cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the RBI Act, 1934.

Operating Impact

These four companies cannot legally transact NBFC business going forward. The restriction is immediate and affects the entities’ ability to continue lending or other non-banking financial 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
25 Oct 2016
Entities Affected
4
Entity Role
Bulk Member
Entity Type
NBFC

Related Entities

Entities similar to M/s Rajrishabh Finance & Investments Private Limited

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  1. M/s Aashka Holdings Private Limited (Presently known as M/s Aashka Holdings Limited)

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  2. M/s Chirag Viniyog & Commercial Private Limited

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction

  3. M/s Lakshmi Exim Private Ltd

    NBFC · Kolkata, West Bengal

    1 shared action

    1 restriction