Skip to Main Content

M/s Royal Moga Hire Purchase Private Limited

NBFCMumbai, Maharashtra

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

23 Nov 2016

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of six NBFCs under Section 45-IA(6) of the RBI Act, 1934. The companies named in the release are Star Line Leasings Limited, Target Credit and Capital Private Limited, Vishwakarma Strips and Investments Private Limited, Purohit Finlease Limited, Royal Moga Hire Purchase Private Limited, and Oak Finalease Limited (formerly Eness Finalease Private Limited). As a result, these entities cannot transact the business of a non-banking financial institution under Section 45-I(a) of the Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the certificate of registration of six non-banking financial companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Following the cancellation, the companies cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Act.

Operating Impact

These companies are barred from carrying on NBFC business going forward. Customers and counterparties should treat them as no longer registered to conduct non-banking financial institution activities, effective from the respective cancellation order dates listed in the release.

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
5 Oct 2016
Effective From
5 Oct 2016
Entities Affected
6
Entity Role
Bulk Member
Entity Type
NBFC

Related Entities

Entities similar to M/s Royal Moga Hire Purchase Private Limited

˳

  1. M/s Oak Finalease Limited (Formerly Eness Finalease Private Limited)

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction

  2. M/s Purohit Finlease Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction

  3. M/s Star Line Leasings Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction

  4. M/s Target Credit and Capital Private Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction

  5. M/s Vishwakarma Strips and Investments Private Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction