Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
31 Oct 2008
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Varun Capital Services Private Limited on October 01, 2008 under Section 45-IA(6) of the RBI Act, 1934. RBI said the company had ceased to be a non-banking financial institution and was not traceable, and also noted that it had not surrendered its original Certificate of Registration. As a result, the company cannot carry on the business of a non-banking financial institution.
Why RBI Acted
On October 01, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Varun Capital Services Private Limited under Section 45-IA(6) of the RBI Act, 1934. RBI stated that the company had ceased to be a non-banking financial institution and was not traceable. The release also notes that the company had not surrendered its original Certificate of Registration.
Operating Impact
The company is no longer permitted to transact NBFC business. Members of the public are cautioned against misuse of the cancelled Certificate of Registration, and the cancellation remains effective from October 01, 2008.
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
- 1 Oct 2008
- Effective From
- 1 Oct 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC