Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
22 Sept 2004
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Vir Finlease Limited, whose registered office is at Memnagar, Ahmedabad, under Section 45IA of the RBI Act, 1934. The firm had been carrying on the business of a non-banking financial institution. Following the cancellation, it 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. Vir Finlease Limited, Ahmedabad, under Section 45IA 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
M/s. Vir Finlease Limited is barred from carrying on non-banking financial institution business after the cancellation. This directly affects the company’s ability to operate as an NBFC and any customers or counterparties relying on those services.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 15 Sept 2004
- Effective From
- 15 Sept 2004
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC