M/s Singhland Investments Limited (previously known as M/s Baba Finance Private Limited)

The Reserve Bank of India cancelled the certificate of registration of two non-banking financial companies in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The named companies are M/s The Metropolitan Finance Private Limited (presently known as The Metropolitan Finance Limited) and M/s Singhland Investments Limited (previously known as M/s Baba Finance Private Limited). The release does not state the underlying factual breaches or reasons beyond the statutory cancellation of registration, and notes that after cancellation they cannot transact business as a non-banking financial institution under Section 45-I(a) of the Act.

The two NBFCs are barred from carrying on non-banking financial institution business going forward. Borrowers, counterparties, and customers should expect the firms to cease regulated NBFC operations, subject to any separate legal or contractual wind-down arrangements.