Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
29 Oct 2004
Case Brief
On October 25, 2004, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s Shri Subhlaxmi Finvest Limited, whose registered office was in Surendranagar. The cancellation was issued under Section 45-IA of the Reserve Bank of India Act, 1934, and removes the company’s authority to carry on 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 Shri Subhlaxmi Finvest Limited, Surendranagar, for carrying on the business of a non-banking financial institution. The action is taken under Section 45-IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Operating Impact
M/s Shri Subhlaxmi Finvest Limited is prohibited from transacting NBFC business going forward. The restriction directly affects the company’s operations and any customers or counterparties relying on its non-banking financial activities.
Regulatory Basis
- Section 45-IA of the Reserve Bank of India Act, 1934
- clause (a) of Section 45IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 25 Oct 2004
- Effective From
- 25 Oct 2004
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC