Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
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
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
- Primary
- Entity Type
- NBFC
Related Entities
Entities similar to M/s Star Line Leasings Limited
M/s Oak Finalease Limited (Formerly Eness Finalease Private Limited)
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction
M/s Purohit Finlease Limited
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction
M/s Royal Moga Hire Purchase Private Limited
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction
M/s Target Credit and Capital Private Limited
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction
M/s Vishwakarma Strips and Investments Private Limited
NBFC · Mumbai, Maharashtra
1 shared action
1 restriction