Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
21 Mar 2011
Case Brief
On January 7, 2011, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Winmore Leasing & Holdings Limited, whose registered office was in New Delhi. The release says the company had voluntarily exited from the business, and RBI exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the registration certificate. As a result, the company can no longer carry on 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. Winmore Leasing & Holdings Limited on March 4, 1998. The release states that the cancellation was because the company had voluntarily exited from the business. The action was taken under Section 45-IA(6) of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company.
Operating Impact
Winmore Leasing & Holdings Limited is no longer permitted to transact the business of a non-banking financial institution. The restriction is permanent unless a fresh regulatory approval is obtained through a separate process.
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
- 7 Jan 2011
- Effective From
- 7 Jan 2011
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC