Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
25 Jun 2007
Case Brief
On June 06, 2007, the Reserve Bank of India cancelled the Certificate of Registration of M/s. U.P. Motor and General Finance Company Private Limited, whose registered office is in Janak Puri, New Delhi. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact 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. U.P. Motor and General Finance Company Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and after cancellation it cannot transact that business.
Operating Impact
The company is barred from carrying on non-banking financial institution business going forward. This directly affects the entity and any customers or counterparties dealing with it in that capacity.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 6 Jun 2007
- Effective From
- 6 Jun 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC