Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
4 Jul 2008
Case Brief
On May 15, 2008, the Reserve Bank of India cancelled the certificate of registration granted to M/s VIA Investments Private Limited, whose registered office was at Worli, Mumbai. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, and the release says the company had opted to exit the business of a non-banking financial institution. As a result, the company cannot carry on or transact non-banking financial institution business.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to M/s VIA Investments Private Limited under Section 45-IA(6) of the RBI Act, 1934. The stated reason was that the company had opted to exit from the business of a non-banking financial institution.
Operating Impact
M/s VIA Investments Private Limited is no longer permitted to conduct non-banking financial institution business. The restriction is final for the registered NBFC activity, affecting the company’s ability to operate in that line of business from the cancellation date onward.
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
- 15 May 2008
- Effective From
- 15 May 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC