Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
25 Jan 2008
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Vidyut Investment Limited, whose registered office is at A-11, Industrial Area, Phase-III, S.A.S. Nagar, Punjab, on December 19, 2007. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934. Following the cancellation, 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. Vidyut Investment Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the entity had been permitted to carry on the business of a non-banking financial institution, and that following cancellation it cannot transact that business.
Operating Impact
M/s. Vidyut Investment Limited is barred from carrying on non-banking financial institution business after the cancellation takes effect. The restriction affects the company directly and removes its ability to undertake NBFC operations; the release does not mention any remedy, deadline, or appeal.
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
- 19 Dec 2007
- Effective From
- 19 Dec 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC